학술논문
Non-Bank Lending to Firms: Evidence from Korean Firm-Level Data
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- 영문명
- 발행기관
- 한국유통과학회
- 저자명
- Mihye Lee
- 간행물 정보
- 『산경연구논집(JIDB)』Volume.9 No.9, 15~23쪽, 전체 9쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2018.09.30
무료
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국문 초록
영문 초록
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.
목차
1. Introduction
2. Data Description
3. Determinants of Non-Bank Borrowing
4. Conclusion
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