Risk Spillover: A New Perspective on the Study of Financing Difficulties for SMEs—Evidence from China

Existing studies on the financing difficulties of middle- and small-sized enterprises (SMEs) have neglected the quantitative analysis of SMEs’ risk spillovers to banks. Therefore, taking China as an example, we have analyzed the financing difficulties of SMEs from the perspective of risk spillover....

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Autores principales:	Jinghong Xu, Dong Lian, Daguang Yang
Formato:	article
Lenguaje:	EN
Publicado:	Hindawi Limited 2021
Materias:	Mathematics QA1-939
Acceso en línea:	https://doaj.org/article/c3b9aca1b81d4ca28e8bc22ff101413c
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id	oai:doaj.org-article:c3b9aca1b81d4ca28e8bc22ff101413c
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spelling	oai:doaj.org-article:c3b9aca1b81d4ca28e8bc22ff101413c2021-11-15T01:18:58ZRisk Spillover: A New Perspective on the Study of Financing Difficulties for SMEs—Evidence from China1607-887X10.1155/2021/5914519https://doaj.org/article/c3b9aca1b81d4ca28e8bc22ff101413c2021-01-01T00:00:00Zhttp://dx.doi.org/10.1155/2021/5914519https://doaj.org/toc/1607-887XExisting studies on the financing difficulties of middle- and small-sized enterprises (SMEs) have neglected the quantitative analysis of SMEs’ risk spillovers to banks. Therefore, taking China as an example, we have analyzed the financing difficulties of SMEs from the perspective of risk spillover. The GARCH time-varying copula-CoVaR model based on the skewed-t distribution was used to measure the risk spillover effects of SMEs on banks. Furthermore, the heterogeneous impacts of risk spillovers on different scale banks were analyzed, including state-owned banks, joint-stock banks, and city commercial banks. The study found that SMEs always have obvious risk spillover effects on banks; it is particularly difficult for SMEs to obtain loans from the largest state-owned banks because in extreme cases, SMEs have the highest risk spillover effects on state-owned banks. The changes in risk spillover effects are attributed to two reasons. One is that the degree of association between SMEs and various banks is different, and the other is that there are varying degrees of risk spillover effects among various banks.Jinghong XuDong LianDaguang YangHindawi LimitedarticleMathematicsQA1-939ENDiscrete Dynamics in Nature and Society, Vol 2021 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Mathematics QA1-939
spellingShingle	Mathematics QA1-939 Jinghong Xu Dong Lian Daguang Yang Risk Spillover: A New Perspective on the Study of Financing Difficulties for SMEs—Evidence from China
description	Existing studies on the financing difficulties of middle- and small-sized enterprises (SMEs) have neglected the quantitative analysis of SMEs’ risk spillovers to banks. Therefore, taking China as an example, we have analyzed the financing difficulties of SMEs from the perspective of risk spillover. The GARCH time-varying copula-CoVaR model based on the skewed-t distribution was used to measure the risk spillover effects of SMEs on banks. Furthermore, the heterogeneous impacts of risk spillovers on different scale banks were analyzed, including state-owned banks, joint-stock banks, and city commercial banks. The study found that SMEs always have obvious risk spillover effects on banks; it is particularly difficult for SMEs to obtain loans from the largest state-owned banks because in extreme cases, SMEs have the highest risk spillover effects on state-owned banks. The changes in risk spillover effects are attributed to two reasons. One is that the degree of association between SMEs and various banks is different, and the other is that there are varying degrees of risk spillover effects among various banks.
format	article
author	Jinghong Xu Dong Lian Daguang Yang
author_facet	Jinghong Xu Dong Lian Daguang Yang
author_sort	Jinghong Xu
title	Risk Spillover: A New Perspective on the Study of Financing Difficulties for SMEs—Evidence from China
title_short	Risk Spillover: A New Perspective on the Study of Financing Difficulties for SMEs—Evidence from China
title_full	Risk Spillover: A New Perspective on the Study of Financing Difficulties for SMEs—Evidence from China
title_fullStr	Risk Spillover: A New Perspective on the Study of Financing Difficulties for SMEs—Evidence from China
title_full_unstemmed	Risk Spillover: A New Perspective on the Study of Financing Difficulties for SMEs—Evidence from China
title_sort	risk spillover: a new perspective on the study of financing difficulties for smes—evidence from china
publisher	Hindawi Limited
publishDate	2021
url	https://doaj.org/article/c3b9aca1b81d4ca28e8bc22ff101413c
work_keys_str_mv	AT jinghongxu riskspilloveranewperspectiveonthestudyoffinancingdifficultiesforsmesevidencefromchina AT donglian riskspilloveranewperspectiveonthestudyoffinancingdifficultiesforsmesevidencefromchina AT daguangyang riskspilloveranewperspectiveonthestudyoffinancingdifficultiesforsmesevidencefromchina
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Risk Spillover: A New Perspective on the Study of Financing Difficulties for SMEs—Evidence from China

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