报告：Bilateral Political Relationships and Cross-Border Lending
摘要：This paper examines the effect of country bilateral political relationships on cross-border bank loan lending. We find that stronger political relationships between country pairs, as captured by similarity in UN General Assembly voting, lead to more favorable loan terms and increases in loan capital flows. The economic magnitude of these effects is large. Our results are robust to using an alternate self-constructed measure of countries’ political relationships based on the occurrence of diplomatic meetings between heads of state. In addition, we document that the strength of political relationships is associated with loan prices changes on the secondary market. We also find that the effect of country political relationships is larger for borrowers with higher information asymmetry and financial constraints and for borrowers from countries with stronger law enforcement and weaker creditor rights. Our findings highlight that political relationships mitigate lenders’ perceived credit risk and are important for firms’ borrowing activities.
张玥，北京大学光华管理学院会计学博士研究生，曾获国家留学基金委资助赴加拿大多伦多大学罗特曼商学院会计系访学1年。研究方向为贷款合约、企业违规以及企业创新。研究成果被国际会议The Annual Accounting Symposium in SMU以及《中国会计评论》等期刊录用。