Determinanty finansowania działalności przedsiębiorstw kredytem bankowym : metaanaliza

• Autorzy: Anna Białek-Jaworska , Aneta Dzik-Walczak , Natalia Nehrebecka

Warianty tytułu

Determinants of Bank Credit in Business Financing : Meta-Analysis

• Języki publikacji: PL

Abstrakty

Celem opracowania jest przeprowadzenie metaanalizy badań wrażliwości finansowania kredytem bankowym na zmienne wynikające z teorii ekonomii. Uwzględniono w nim kierunki wpływu i statystyczną istotność zmiennych stosowanych w badaniach, w tym rentowność, strukturę aktywów oraz wielkość przedsiębiorstwa. Wykorzystano model logitowy w celu określenia cech modeli wpływających na istotność determinant finansowania kredytem bankowym. Wskazano, że liczba obserwacji oraz długość próby mają znaczenie przy szacowaniu wpływu rentowności na finansowanie kredytem bankowym. Im więcej obserwacji i im nowsze wyniki badań, tym większe prawdopodobieństwo, że zostanie uchwycony wpływ rentowności aktywów. Przy ocenie rentowności wielkość kredytu ma mniejsze znaczenie niż prawdopodobieństwo finansowania przez bank. Zaobserwowano ponadto dodatni wpływ roku publikacji oraz liczby obserwacji. W odniesieniu do wielkości przedsiębiorstwa istotny okazał się poziom rozwoju krajów objętych badaniem. W analizie krajów rozwiniętych bardziej prawdopodobne jest stwierdzenie istotnej zależności między wielkością firmy a jej finansowaniem się kredytem bankowym. (abstrakt oryginalny)

EN

The aim of this study is to conduct a meta-analysis of research on the sensitivity of bank loan financing to the determinants posited by economic theory. The statistical significance and direction of impact of variables commonly used in this field of research, such as profitability, structure of assets and the size of the company, was investigated. The study applied a logit model to identify those characteristics of the adopted research models which affect the measured significance of the determinants of bank loan financing. The results of the conducted analysis indicate that the number of observations and the duration of the time period under scrutiny are significant for the obtained estimates of the impact of corporate profitability on bank loan financing. The larger the number of observations (and the more up-to-date the study), the greater the likelihood that the influence of return on assets will be captured. Return on assets is less important for the size of the loan than for the probability of bank financing. With respect to the significance of the structure of assets, a positive impact of the year of publication and the number of observations was found. When analyzing the size of the enterprise the level of development of the surveyed countries turned out to be significant. In the case of the developed countries, it is more likely that a significant relationship between the size of the company and bank loan financing will be obtained. (original abstract)

Słowa kluczowe

PL

Finansowanie przedsiębiorstwa; Kredytowanie działalności przedsiębiorstwa; Kredyt bankowy; Polityka pieniężna; Finanse przedsiębiorstwa; Model logitowy; Analiza piśmiennictwa ekonomicznego; Wyniki badań; Metaanaliza

EN

Financing enterprises; Business activity lending; Bank credit; Monetary policy; Enterprise finance; Logit model; Economic literature analysis; Research results; Meta-analysis

• Czasopismo: Bank i Kredyt
• Rocznik: 2015
• Numer: nr 3
• Strony: 253--298

Twórcy

autor

Anna Białek-Jaworska

• Uniwersytet Warszawski

autor

Aneta Dzik-Walczak

• Uniwersytet Warszawski

autor

Natalia Nehrebecka

• Narodowy Bank Polski; Uniwersytet Warszawski

Bibliografia

• Acharya V., Almeida H., Campello M. (2010), Aggregate risk and the choice between cash and lines of credit, NBER Working Paper, 16122, http://www.nber.org/papers/w16122.
• Aguiar M. (2000), Foreign currency debt in emerging markets, University of Chicago Graduate School of Business, mimeo.
• Andrés Alonso P. de, López-Iturriaga F.J., Rodrigues-Sanz J.A., Vallelado González E. (2005), Determinants of bank debt in a continental financial system: evidence from Spanish companies, Financial Review, 40(3), 305-333.
• Asquith P., Bruner R.F., Mullins D.W. (1983), The gains to bidding firms from merger, Journal of Financial Economics, 11(1), 121-139.
• Baxter N. (1967), Leverage, risk of ruin and the cost of capital, The Journal of Finance, 22(3), 395-403.
• Berger A.N., Cowan A.M., Frame W.S. (2011), The surprising use of credit scoring in small business lending by community banks and the attendant effects on credit availability, risk, and profitability, Journal of Financial Services Research, 39(1-2), 1-17.
• Berlin M., Loeys J. (1988), Bond covenants and delegated monitoring, The Journal of Finance, 43(2), 397-412.
• Bernanke B.S. (1983), Non-monetary effects of the financial crisis in the propagation of the Great Depression, http://gperelman.com/Papers/Bernanke%201983.pdf.
• Bernanke B., Gertler M. (1995), Inside the black box: the credit channel of monetary policy transmission, NBER Working Paper, 5146.
• Berrospide J., Meisenzahl R., Sullivan B. (2012), Credit line use and availability in the financial crisis: the importance of hedging, Federal Reserve Board, Division of Research & Statistics and Monetary Affairs, Washington DC.
• Boguszewski P., Kocięcki A. (2000), Wpływ polityki pieniężnej na zachowania przedsiębiorstw w świetle danych GUS i badań ankietowych - wybrane zagadnienia, Bank i Kredyt, 32(7-8), 4-20.
• Boot A., Thakor A., Udell G. (1991), Secured lending and default risk: equilibrium analysis and policy implications and empirical results, Economic Journal, 101, 458-472.
• Bougheas S., Mizen P., Yalcin C. (2004), Access to external finance: theory and evidence on the impact of firm-specific characteristics, Research Department Working Paper, 04/06, Central Bank of the Republic of Turkey.
• Brown M., Kirschenmann K., Ongena S. (2010), Foreign currency loans - demand or supply driven?, Swiss National Bank, Zurich.
• Brown M., Ongena S., Popov A., Yesin P. (2012), Who needs credit and who gets credit in Eastern Europe?, ECB Working Paper Series, 1421, European Central Bank, Frankfurt am Main.
• Brown M., Ongena S., Yesin P. (2011), Foreign currency borrowing by small firms, Journal of Financial Intermediation, 20(3), 285-302.
• Brzoza-Brzezina M. (2011), Polska polityka pieniężna. Badania teoretyczne i empiryczne, C.H. BECK, Warszawa.
• Brzoza-Brzezina M., Chmielewski T., Niedźwiedzińska J. (2007), Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?, referat na konferencję "Monetary policy challenges resulting from rapid credit growth in converging economies", 22-23 listopada, Narodowy Bank Polski, Warszawa, http: www.nbp.com.pl/Konferencje/NBP_Nov2007/Speakers/ Brzoza-Brzezina.pdf.
• Brzoza-Brzezina M., Kolasa M., Makarski K. (2013), A penalty function approach to occasionally binding credit constraints, NBP Working Papers, 159, Narodowy Bank Polski, Warsaw.
• Brzoza-Brzezina M., Kolasa M., Makarski K. (2014), Monetary and macroprudential policy with foreign currency loans, NBP Working Papers, 184, Narodowy Bank Polski, Warsaw.
• Caballero R.J., Krishnamurthy A. (2000), Dollarization of liabilities: underinsurance and domestic financial underdevelopment, NBER Working Paper, 7792, Cambridge.
• Carbó-Valverde S., Degryse H., Rodriguez-Fernandez F. (2011), Lending relationships and credit rationing: the impact of securitization, Discussion Paper, 2011-128, Tilburg University, Center for Economic Research, https://pure.uvt.nl/portal/files/1376055/2011-128.pdf.
• Casasola M.J., Tribó J.A. (2002), Bank debt and market debt: an empirical analysis for Spanish firms, Working Paper, 02-07, Universidad Carlos III de Madrid, http://e-archivo.uc3m.es/bitstream/ handle/10016/135/wb020702.pdf?sequence=1.
• Cole R. (2008), Who needs credit and who gets credit? Evidence from the surveys of small business finances, MPRA Paper, 24691, http://mpra.ub.uni-muenchen.de/24691/.
• Cole R. (2010), Bank credit, trade credit or no credit: evidence from the surveys of small business finances, MPRA Paper, 24689, http://mpra.ub.uni-muenchen.de/24689/.
• Cole R., Dietrich A. (2013), SME credit availability around the world: evidence from the World Bank's Enterprise Surveys, Midwest Finance Association 2013 Annual Meeting Paper, http://papers.ssrn. com/sol3/papers.cfm?abstract_id=2043624.
• Cook D. (1999), Trade credit and bank finance: financing small firms in Russia, Journal of Business Venturing, 14(5), 493-518.
• Dedola L., Lippi F. (2000), The monetary transmission mechanism: evidence from the industries of five OECD countries, Bank of Italy, Rome.
• Demiroglu Ch., James C., Kizilaslan A. (2012), Bank lending standards and access to lines of credit, Journal of Money, Credit and Banking, 44(6), 1063-1089.
• Denis D.J., Mihov V.T. (2003), The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings, Journal of Financial Economics, 70(1), 3-28.
• Detragiache E. (1994), Public versus private borrowing: a theory with implications for bankruptcy reform, Journal of Financial Intermediation, 3(4), 327-354.
• Detragiache E., Tressel T., Gupta P. (2008), Foreign banks in poor countries: theory and evidence, The Journal of Finance, 63(5), 2123-2160.
• Dewaelheyns N., Van Hulle C. (2007), Internal capital markets and capital structure: bank versus internal debt, Katholieke Universiteit Leuven.
• Diamond D.W. (1984), Financial intermediation and delegated monitoring, Review of Economic Studies, 51(3), 393-414.
• Diamond D.W. (1991), Monitoring and reputation: the choice between bank loans and directly placed debt, Journal of Political Economy, 99(4), 689-721.
• Duliniec A. (2001), Struktura i koszt kapitału w przedsiębiorstwie, Wydawnictwo Naukowe PWN, Warszawa.
• Fama E.F. (1984), Forward and spot exchange rates, Journal of Monetary Economics, 14(3), 319-338.
• Fama E.F. (1985), What's different about banks?, Journal of Monetary Economics, 15(1), 29-39.
• Gajewski K., Pawłowska M., Rogowski W. (2012), Relacje firm z bankami w Polsce w świetle danych ze sprawozdawczości bankowej, Materiały i Studia NBP, 275, Narodowy Bank Polski, Warszawa.
• Gelos G. (2003), Foreign currency debt in emerging markets: firm-level evidence from Mexico, Economic Letters, 78(3), 323-327.
• Gertler M., Kiyotaki N. (2013), Banking, liquidity and bank runs in an infinite-horizon economy, NBER Working Paper, 19129.
• Ghosh S. (2010), Firm characteristics, financial composition and response to monetary policy: evidence from Indian data, Journal of Indian Business Research, 2(4), 198-215.
• Ghosh S., Sensarma R. (2004), Does monetary policy matter for corporate governance? Firm-level evidence from India, w: M. Hirschey, K. John, A.K. Makhija (red.), Corporate governance. Advances in Financial Economics, 9, Emerald Group Publishing, Bradford.
• Gruszczyński M., red. (2010), Mikroekonometria, Wolters Kluwer, Warszawa.
• Guo K., Stepanyan V. (2011), Determinants of bank credit in emerging market economies, IMF Working Paper, WP/11/51.
• de Haan L., Sterken E. (2000), Capital structure, corporate governance, and monetary policy: firm-level evidence for the euro area, De Nederlandsche Bank, Research Memorandum WO&E, 637/0032, http://www.dnb.nl/en/binaries/wo0637_tcm47-145944.pdf.
• Hadlock C.J., James C.M. (2002), Do banks provide financial slack?, The Journal of Finance, 57(3), 1383-1419.
• Houston J., James C. (1996), Bank information monopolies and the mix of private and public debt claims, The Journal of Finance, 51(5), 1863-1889.
• Huyghebaert N., Van de Gucht L., Van Hulle C. (2007), The choice between bank debt and trade credit in business start-ups, Small Business Economics, 29(4), 435-452.
• Iwin-Garzyńska J. (2010), Kredyt bankowy w strukturze finansowania polskich przedsiębiorstw a kryzys finansowy, Zeszyty Naukowe Uniwersytetu Szczecińskiego, Finanse, Rynki finansowe, Ubezpieczenia, 39, 37-50.
• Jensen M.C., Meckling W.H. (1976), Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3(4), 305-360.
• Jimenéz G., Ongena S., Peydró J., Saurina J. (2009), Monetary policy and credit crunch: identifying simultaneously the bank lending and balance sheet channels, http://www.eea-esem.com/files/papers/ EEA-ESEM/2009/1304/JOPS%20CC%202009-02-12.pdf.
• Jimenéz G., Ongena S., Peydró J., Saurina J. (2010), Credit supply identifying balance-sheet channel with loan applications and granted loans, ECB Working Paper Series, 1179, European Central Bank, Frankfurt am Main.
• Jimenéz G., Ongena S., Peydró J., Saurina J. (2012), Credit supply versus demand: bank and firm balance- -sheet channels in good and crisis times, European Banking Center Discussion Paper, 2012-003, Frankfurt am Main.
• Kapuściński M., Łyziak T., Przystupa J., Stanisławska E., Sznajderska A., Wróbel E. (2014), Mechanizm transmisji polityki pieniężnej w Polsce. Co wiemy w 2013 roku?, Materiały i Studia NBP, 306, Narodowy Bank Polski, Warszawa.
• Kraus A., Litzenberger H. (1973), A state-preference model of optimal financial leverage, The Journal of Finance, 28(4), 911-922.
• Krishnaswami S., Spindt P.A., Subramaniam V. (1999), Information asymmetry, monitoring, and the placement structure of corporate debt, Journal of Financial Economics, 51(3), 407-434.
• Leeth J.D., Scott J.A. (1989), The incidence of secured debt: evidence from the small business community, Journal of Financial and Quantitative Analysis, 24(03), 379-394.
• Liberti J., Sturgess J. (2013), The anatomy of a credit supply shock: evidence from an internal credit market, 23rd Annual Utah Winter Finance Conference, Snowbird, http://www.utahwfc.org/uploads/ session5_2.pdf.
• Love M., Peria M. (2013), How bank competition affects firm's access to finance, Midwest Finance Association 2013 Annual Meeting Paper, http://ssrn.com/abstract=2144888.
• Marzec J. (2008), Bayesowskie modele zmiennych jakościowych i ograniczonych w badaniach niespłacalności kredytów, Monografie, 188, Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie.
• Marzec J., Pawłowska M. (2012), Substytucja między kredytem kupieckim i bankowym w polskich przedsiębiorstwach - wyniki empiryczne na podstawie danych panelowych, Bank i Kredyt, 43(6), 29-56.
• Modigliani F., Miller M.H. (1958), The cost of capital, corporation finance and the theory of investment, The American Economic Review, 48(3), 261-297.
• Modigliani F., Miller M.H. (1963), Corporate income taxes and the cost of capital: a correction, The American Economic Review, 53(3), 433-443.
• Müller H.M., Inderst R. (1999), Project bundling, liquidity spillovers, and capital market discipline, Sonderforschungsbereich 504 Publications 99-89, Sonderforschungsbereich 504, Universität Mannheim; Sonderforschungsbereich 504, University of Mannheim.
• Myers S.C. (1984), The capital structure puzzle, The Journal of Finance, 39(3), 574-592.
• Myers S.C., Majluf N.S. (1984), Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13(2), 187-221.
• Pawłowska M., Tymoczko I. (2007), Uwarunkowania dostępności kredytu bankowego - analiza polskiego rynku, Bank i Kredyt, 38(6), 47-68.
• Petersen M., Rajan R.G. (1994), The benefits of lending relationships: evidence from small business data, The Journal of Finance, 49, 3-37.
• Rajan R.G. (1992), Insiders and outsiders: the choice between informed and arm's-length debt, The Journal of Finance, 47(4), 1367-1400.
• Ramakrishnan R.T., Thakor A.V. (1984), Information reliability and a theory of financial intermediation, Review of Economic Studies, 51(3), 415-432.
• Rosenberg Ch. (2008), Determinants of foreign currency borrowing in the new member states of the EU, IMF Working Paper, 08/173.
• Stanley T. (2001), Wheat from chaff: meta-analysis as quantitative literature review, Journal of Economic Perspectives, 15(3), 131-150.
• Stanley T. (2008), Meta-regression methods for detecting and estimating empirical effect in the presence of publication bias, Oxford Bulletin of Economics and Statistics, 70, 103-127.
• Sufi A. (2009), Bank lines of credit in corporate finance: an empirical analysis, The Review of Financial Studies, 22(3), 1057-1088.