Abstract: Whether and how relationship networks can improve credit availability is of great importance for micro entities. Based on the syndicated loan data in China from 2016 to 2021, this paper investigates the relationship between network centrality in the syndicated loan network and firms’ credit availability by constructing a bimodal financing network consisting of both lending institutions and borrowing firms. It analyzes the mechanism of firms’ syndicated loan network centrality and further explores the moderating role of the different syndicate natures. The findings reveal that firms occupying advantageous positions within the network tend to receive more favorable lending responses from banks. The higher the firms’ network centrality, the larger their credit availability. Mechanism analysis indicates that network centrality enhances credit access by mitigating information asymmetry and improving monitoring efficiency of lending banks. Leveraging the bipartite structure of the syndicated loan network, the centrality of lead banks positively moderates the relationship between borrowing firms’ network position and their credit availability. Conversely, factors such as the legal system of the bank’s home country, the degree of bank internationalization, and the geographical dispersion of syndicate members exert negative moderating effects. This paper enriches the literature on how bank-firm relational networks influence credit access and offers practical implications for both firms seeking financing and banks making lending decisions.

Key words: syndicated loan, network centrality, corporate credit availability

摘要： 关系网络能否以及如何促进企业获取信贷，是微观实体关心的重要问题。本文基于2016~2021年中国企业银团贷款数据，通过构建包含贷款机构与企业两类异质节点的双模融资网络，对银团贷款网络中心性与企业信贷可得性的关系进行研究，分析了企业银团贷款网络中心性的作用机制，并进一步探讨了相关银团性质的调节作用。研究结果表明，借款企业所处的优势网络位置提高了银行贷款意愿，表现为企业所处的网络中心性越高，其信贷可得性越高。机制检验发现，企业银团贷款网络中心性通过缓解信息不对称、提高贷款银行监督效率增加信贷可得性。基于银团贷款网络结构的双模结构特征，牵头行的网络位置正向调节借款企业网络位置与信贷可得性之间的关系；银行所在国家的法律体系、银行多国化属性以及银团成员地理分散度则起到负向调节作用。本文丰富了银企关系网络对企业信贷可得性的影响研究，对企业信贷获取和银行贷款决策具有启示作用。

关键词: 银团贷款, 网络中心性, 企业信贷可得性