Who Obtained More Bank Loans after the Outbreak of COVID-19? Evidence from Chinese Listed Companies

Yao Zhang, Jing Zhang, Zefeng Xu and Wenyun Yao

Emerging Markets Finance and Trade, 2022, vol. 58, issue 1, 11-23

Abstract: One of the most serious risks from COVID-19 is a financial crisis for a company. Governments and central banks have used both fiscal and monetary tools on a large scale to alleviate the financial crises of companies. We build a cross-sectional model to explore who obtained more bank loans after the outbreak of COVID-19. Using data from China’s listed companies, we find that real estate companies and state-owned companies obtained more bank loans. In addition, there is no evidence that industries more severely affected by the virus obtained more bank loans. Our findings demonstrate that the misallocation of credit in China worsened after the outbreak of COVID-19.

Date: 2022
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DOI: 10.1080/1540496X.2021.1929166

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