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    王文雅 | 第296期金融学院双周学术论坛

    [发布日期]:2020-03-13  [浏览次数]:

    一、主题:Shadow Bankingwith Trade Credit: the Case of Commercial Bills





    摘要:Thispaper studies the shadow banking of bank-accepted commercial bills in China.Its scale of outstanding issuance is comparable to entrusted loans and co-moveswith working capital of industrial firms in aggregate. Using a proprietary datawith 170,000 commercial bill transactions, we find: (i) banks constrained inloan-to-deposit ratios are more (less) likely to issue (discount) commercialbills; (ii) issuance of commercial bills as a form of trade credit is largerwhen the issuing firm has a higher leverage ratio and a higher bargaining powerover its suppliers; (iii) trade credit deteriorates allocation efficiency inChina, but improves efficiency in the U.S..

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