管理评论

›› 2017, Vol. 29 ›› Issue (9): 3-14.

• 经济与金融管理 •    下一篇

政治风险会影响贷款定价吗

蒋涛1,2, 吴卫星1, 宫迪1   

  1. 1. 对外经济贸易大学金融学院, 北京 100029;
    2. 中国人民银行广州分行, 广州 510120
  • 收稿日期:2016-11-17 出版日期:2017-09-28 发布日期:2017-10-09
  • 通讯作者: 吴卫星(通讯作者),对外经济贸易大学金融学院教授,博士。
  • 作者简介:蒋涛,对外经济贸易大学金融学院博士研究生,中国人民银行广州分行;宫迪,对外经济贸易大学金融学院讲师,博士。
  • 基金资助:

    国家社会科学基金重大项目（16ZDA033）；对外经济贸易大学中央高校基本科研业务费专项资金资助（15QN03）。

Does Political Risk Affect Loan Pricing? Evidence from Syndicated Loan Market

Jiang Tao1,2, Wu Weixing1, Gong Di1   

  1. 1. School of Banking and Finance, University of International Business and Economics, Beijing 100029;
    2. Guangzhou Branch, The People's Bank of China, Guangzhou 510120
  • Received:2016-11-17 Online:2017-09-28 Published:2017-10-09

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摘要：

“一带一路”背景下我国商业银行等金融机构“走出去”，不仅可以解决制造业企业“走出去”对资金的迫切需求，同时可作为资本输出的战略载体。但是，复杂的国际政治形势是我国银行业的海外发展面临的重要挑战。基于1996年至2014年间我国金融机构牵头的银团贷款数据，本文探讨了政治风险与贷款利率之间的关系。研究结果表明：我国商业银行等金融机构牵头对发达国家和发展中国家企业的银团贷款中存在异质性政治风险溢价要求。我国金融机构对发展中国家企业贷款要求政治风险溢价，当借款人所在国家的政治风险增加一单位标准差时，银团贷款利率增加56.335个基点。但是，对发达国家企业的银团贷款中没有显著的政治风险溢价要求。进一步研究发现：为发展中国家企业提供银团贷款时，我国国有商业银行和非银行类金融机构对政治风险溢价有着更高的要求；为发达国家借款人提供银团贷款时，仅有国有商业银行要求政治风险溢价。

关键词: 政治风险, 银团贷款, 风险溢价

Abstract:

Chinese commercial banks and other financial institutions that reach out overseas in response to "the Belt and Road Initiative" can not only meet the urgent funding demand by outbound Chinese manufacturing enterprises, but also function as a strategic carrier of export capital. However, the complexity of the international political situation is a major challenge Chinese banking industry has to face in the process of going global. This paper tests the relationship between political risk and syndicated loan pricing based on syndicated loans led by Chinese financial institutions from 1996 to 2014. The empirical results show that political risk is one of syndicated loan pricing factors in developing countries. The spread of syndicated loan increases 56.335 basis points when political risk increases one unit standard deviation in developing countries. However, political risk premium is not significant in the pricing of syndicated loans in developing countries. Further researches indicate that when providing syndicated loan to developing countries, Chinese state-owned banks or non-bank financial institutions require higher political risk premium and when providing syndicated loan to developed countries, only state-owned Chinese banks require political risk premium.

Key words: political risk, syndicated loan, risk premium