| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w26575
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| 来源ID | Working Paper 26575
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| The SOE Premium and Government Support in China's Credit Market |
| Zhe Geng; Jun Pan
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| 发表日期 | 2019-12-23
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| 出版年 | 2019
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| 语种 | 英语
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| 摘要 | Studying China’s credit market, we find improved price efficiency and paradoxically, worsening segmentation as, amid government-led credit tightening, perceived government support for state-owned enterprises (SOEs) causes the credit spreads of non-SOEs to explode relative to their SOE counterparts, deepening the already existing SOE premium. This segmentation, driven by the emergence of government support in credit pricing beyond the SOE label, also divides the content of price discovery, with non-SOE significantly more informative of credit quality and SOE more sensitive to government support. Examining its real impact, we find that non-SOEs are losing their long-standing advantage over SOEs in profitability and efficiency. |
| 主题 | Financial Economics
; Financial Markets
; Portfolio Selection and Asset Pricing
|
| URL | https://www.nber.org/papers/w26575
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584249
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推荐引用方式
GB/T 7714 |
Zhe Geng,Jun Pan. The SOE Premium and Government Support in China's Credit Market. 2019.
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文件名：
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w26575.pdf
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格式：
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Adobe PDF
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