一、主題：‘Run for home’: SME Lending and the Head Quarters bias

二、主講人：Tianshu Zhao，英國伯明翰大學伯明翰商學院金融學高級講師。研究領域包括銀行、區域金融、公司金融、社會網絡、産業組織和經濟增長。研究成果曾在Review of Economics and Statistics、Journal of Banking and Finance、Journal of Economic Geography發表。目前主持中英ESRC-NSFC等多項科研項目。

三、時間：2017年11月30日 （周四），12:30-13:30

四、地點：學院南路校區主教學樓910會議室

五、主持人：黃志剛，bevictor伟德官网副教授

Abstract: This paper is aimed at two strands of the empirical literature in banking. First, it tests for the geographical dimension in SME lending as a rebuttal of Petersen and Rajan (2002) on the relevance of relationship banking for SME lending. Second, it tests for the Stein (2002) view that large institutions with complex organisational structures are more able to filter ‘hard’ information than ‘soft’ information. Using data on individual bank lending to SMEs and mortgage lending by postcode area for 120 localities in Great Britain for the period 2013(2)-2014(4), we estimate a panel model on 8393 data points. We conjecture that as the same bank makes SME loans and mortgages to the specific postcode area, it would utilise common organisational structure and informational technology. Our results show that functional distance between bank headquarters and branches is strongly negatively related to the change in SME lending but has no impact on mortgage lending. We interpret these results as strong support for the geographical dimension and a vindication of the conventional view that SME lending requires the transmission of ‘soft’ information through the intermediation of a Relationship Manager who has been largely removed from the banking organization.