银企关系的信息价值与企业金融化趋势的冲击——来自贷款公告市场反应的证据

文章采用一种更加综合的银企关系度量方式，从贷款公告市场反应的视角，首次检验了银企关系强度与企业金融化对银行缓解信息不对称能力的影响。基于A股市场数据，研究发现银企关系越亲密，贷款公告的市场反应越正面，表明亲密的银企关系有助于提高银行缓解信息不对称的能力，但危机后企业的金融化行为会削弱亲密银企关系的信息价值。文章深化了银行信息生产领域的研究，为银企关系的信息价值以及信息在金融市场中的传递机制提供了新的证据。

The Information Value of Bank-Firm Relationship and the Impact of Financialization Trend: Evidence from Market Reactions to Loan Announccements

This paper adopts a more comprehensive way to measure the bank-firm relationship, we test the influence of bank-firm relationship and financial behavior on the ability of banks to mitigate information asymmetry from the perspective of market reactions to loan announcements for the first time. Based on the data of A-share market, we find that the closer the bank-firm relationship is, the more positive the market responses, showing that close bank-firm relationship helps to improve the ability of banks to mitigate information asymmetry, but financialization after the crisis would weaken the information value of close bank-firm relationship. This paper deepens the research of bank information production, provides new evidence for the information value of bank-firm relationship and the mechanism of information transmission in financial markets.