文章基本信息

标题：Non-Bank Lending to Firms: Evidence from Korean Firm-Level Data
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作者：Mihye Lee
期刊名称：International Journal of Industrial Distribution and Business
印刷版ISSN：2233-4165
电子版ISSN：2233-5382
出版年度：2018
卷号：9
期号：9
页码：15-23
DOI：10.13106/ijidb.2018.vol9.no9.15
语种：English
出版社：Korea Distribution Science Association
摘要：Purpose - The purpose of this paper is to examine the determinants of non-bank depository institutions (non-bank financial corporations) lending to firms.The paper aims to contribute to the existing literature by providing empirical evidence from firm-level data and unveiling factors related to access to non-bank financial corporations by firms.Research design,data,and methodology – We used the data on borrowing by firms from CRETOP from years 2008 to 2011.Using the manufacturing industry,we examined what firm-level characteristics explained the increase in borrowing from non-bank financial corporations rather than the banks.Results – Analyzing the firm-level data from 2008 to 2011,we found that firms were more likely to borrow from non-bank financial institutions as the size of the firm increases,implying that large firms have more access to non-bank financing than small and medium-sized firms.In addition,it also showed that small and medium-sized firms moved to non-bank financial corporations for loans.Conclusion - Non-bank depository institutions are not a substitute for bank lending to firms.More specifically,they replace bank lending to firms mostly for large firms rather than small and medium-sized firms.Also,collateral and other firm-level characteristics do not matter in accounting for non-bank lending to firms.
关键词：Non-Bank Lending;Financial Crisis;Monetary Policy;Small and Medium-sized Enterprises.