管理者能力与贷款定价：来自某国有商业银行信贷数据的经验证据

摘要/Abstract

摘要： 本文以某国有商业银行2009—2018年的贷款数据为研究样本，研究了管理者能力对贷款定价的作用机理与影响结果。本文发现，管理者能力与贷款定价显著负相关，经过工具变量及一系列稳健性检验后结论依然成立；机制检验表明，管理者能力影响银行贷款定价是通过降低企业风险、提升企业信息质量和缓解代理冲突实现的。在进一步研究中发现，在民营企业、不受到产业政策支持的企业，以及处于金融市场化程度更高的环境中的企业里，管理者能力对降低贷款利率的作用更加显著。本文不仅丰富了管理者能力与贷款定价两个领域的文献，也为实践中将管理者能力作为贷款定价因素，激发企业家精神、提升银行资源配置能力提供了经验证据。

关键词: 管理者能力, 贷款定价, 企业风险, 信息质量

Abstract: This paper examines the mechanism of how managerial ability acts on loan pricing and the resultant effect. We use a proprietary loan data of a state-owned commercial bank from 2009 to 2018 as sample and find that managerial ability is significantly negatively associated with loan pricing. The conclusion holds after using instrumental variables and conducting a series of robustness tests. Mechanism tests show that high-ability managers can reduce loan interest rate by reducing firm risk, improving firm information quality and alleviating proxy conflicts. Further analysis shows that the influence of managerial ability on loan pricing is more significant in non-state-owned firms, firms not supported by industrial policies and firms exposed to a more market-oriented financial market. This paper not only enriches the literature in the fields of managerial ability and loan pricing, but also takes managerial ability as a loan pricing factor in practice, thus providing empirical evidence for stimulating entrepreneurship and improving banks’ resource allocation ability.

Key words: managerial ability, loan pricing, enterprise risk, information quality

唐亚军, 袁淳, 孙健, 马云飙. 管理者能力与贷款定价：来自某国有商业银行信贷数据的经验证据[J]. 管理评论, 2024, 36(9): 187-205.

Tang Yajun, Yuan Chun, Sun Jian, Ma Yunbiao. Managerial Ability and Loan Pricing: Empirical Evidence from Credit Data of a State-owned Commercial Bank[J]. Management Review, 2024, 36(9): 187-205.

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