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Tianshu Zhao|第217期双周学术论坛

作者:     日期:2017-11-28    来源:

  一、主题:‘Run for home’: SME Lending and the Head Quarters bias

  二、主讲人:Tianshu Zhao,英国伯明翰大学伯明翰商学院金融学高级讲师。研究领域包括银行、区域金融、公司金融、社会网络、产业组织和经济增长。研究成果曾在Review of Economics and Statistics、Journal of Banking and Finance、Journal of Economic Geography发表。目前主持中英ESRC-NSFC等多项科研项目。

  三、时间:2017年11月30日 (周四),12:30-13:30

  四、地点:学院南路校区主教学楼910会议室

  五、主持人:黄志刚,中央财经大学金融学院副教授

 

  Abstract: This paper is aimed at two strands of the empirical literature in banking. First, it tests for the geographical dimension in SME lending as a rebuttal of Petersen and Rajan (2002) on the relevance of relationship banking for SME lending. Second, it tests for the Stein (2002) view that large institutions with complex organisational structures are more able to filter ‘hard’ information than ‘soft’ information. Using data on individual bank lending to SMEs and mortgage lending by postcode area for 120 localities in Great Britain for the period 2013(2)-2014(4), we estimate a panel model on 8393 data points. We conjecture that as the same bank makes SME loans and mortgages to the specific postcode area, it would utilise common organisational structure and informational technology. Our results show that functional distance between bank headquarters and branches is strongly negatively related to the change in SME lending but has no impact on mortgage lending. We interpret these results as strong support for the geographical dimension and a vindication of the conventional view that SME lending requires the transmission of ‘soft’ information through the intermediation of a Relationship Manager who has been largely removed from the banking organization.