| With the deepening of China’s market economy reform,on the one hand,the financing demand for enterprises remains high,and on the other hand,the competition in the credit market is fierce.Reasonable and prudent review of loan amount is the key for commercial banks to cope with external competition and achieve their own stable and sustainable development,so that they can occupy a stable market share.Asymmetric information is one of the most important factors which affect the loan review.The academic circles generally believe that according to the sources and attributes of information which affect the formation of loans,it can be divided into exogenous information and endogenous information.However,most researches focus on the impact of individual endogenous information or exogenous information on loans,and corresponding loans can be divided into relational loans or transactional loans.However,there are relatively little researches on the cross impact of the two types of information on loan.This paper uses "bank-enterprise relationship" as an endogenous source of information,and "credit ratings" as an exogenous source of information.Unlike existing literature,this paper comprehensively analyzes the impact mechanisms of two types of information in the specific loan formation process.The relationship between banks and enterprises reflects the bank’s attention to the enterprise,and its impact dimension is reflected in the bank’s investment cost and time cost,as well as obtaining endogenous information.On the other hand,credit ratings exhibit no cost input,but to some extent,it can replace external information of enterprises.Combining the two types of information in loan formation can fill academic gaps.In terms of empirical research,This article manually collates a total of 18135 loan data based on the loan announcements between cSI A shares listed companies and specific banks from 201 7 to 2021.and constructs an OLS model and a regulatory effect model for empirical testing.The empirical results show that:firstly,the relationship between banks and enterprises has a significant positive impact on loan amount.The heterogeneity analysis results show that state-owned enterprises and small medium-sized board markets are more significant,while the four major banks and policy banks are not significant;Secondly,credit ratings have a significant positive impact on loan amount,and is more significant in state-owned enterprises,four major banks,and the main board market;Thirdly,credit rating can positively adjust the upgrading effect of the bank-enterprise relationship on loan amount.When credit rating exists,the upgrading effect of the bank-enterprise relationship on loan amount is more obvious.Higher credit ratings can make the upgrading effect of the bank-enterprise relationship on loan amount more obvious.The regulatory effect of non-state owned enterprises and the main board market is more significant,while the regulatory effect of the four major banks and policy banks is not significant.Based on the research findings,this article proposes the following suggestions:For enterprises,it is necessary to establish,maintain,and develop long-term bank enterprise relationships,and also focus on enhancing their internal core competitiveness to enhance their risk evaluation by banks;For banks,in addition to developing bank enterprise relationships,they should also refer to institutional credit ratings and optimize their internal credit ratings;For the government,it is necessary to regulate the macroeconomic environment to ensure market stability,while also improving regulatory mechanisms. |
