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| The Private Benefit Expropriations during Bank Loan Decisions:An Empirical Study on Entertainment Expenses |
| LINAG Shangkun, CHEN Donghua
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School of Accounting, Central University of Finance and Economics
School of Business, Nanjing University |
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Abstract Under the regulation of interest rate, when regulated interest rate is lower than market interest rate, companies need to pay additional implicit capital costs to get the bank loan. We then analyze the determinations and consequences of this phenomenon theoretically and empirically. Using entertainment expenses of companies as the proxy of implicit costs, we find that: (1) Companies who pay more implicit cost of capital can get more bank loan; (2) Banks prefer to offer short-term loan to companies in order to reduce the credit risk in above behavior; (3) The macro environments and companies’ characters could affect the relationship between entertainment expenses and bank loan. The effect of entertainment expenses will be lower under serve credit environment and in high risk companies, but be higher in SOEs and big companies. Our findings are helpful to understand the role and consequences of regulation in financial markets of transitional and emerging economies.
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Received: 06 June 2016
Published: 18 January 2018
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