企业进入债券市场及其对银行借款成本的影响

IF 1.5 4区 经济学 Q3 BUSINESS, FINANCE Journal of Financial Services Research Pub Date : 2024-03-12 DOI:10.1007/s10693-024-00424-y
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引用次数: 0

摘要

摘要 本文记录了发行债券的公司规模更大、杠杆作用更强、融资需求更高,但观察到的银团贷款利差却更低。通过内生处理和结果估计,我们发现,在没有债券市场准入的反事实情况下,企业将可能面临平均高出 114 至 185 个基点的贷款利差,大大高于观察到的差异(57 个基点)或文献中的现有估计。这一发现强调了债券市场对于企业融资和克服银行贷款限制或市场力量的重要性,同时也使人们对以银行服务价值作为贷款成本高于债券成本的解释产生了怀疑。我们还发现,债券发行作为信息发布只是一个部分解释。
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Firms’ Bond Market Access and Impact on Bank Borrowing Costs

Abstract

This paper documents that companies with bond issuance are larger, are more leveraged, and have higher financing needs, but have lower observed syndicated loan spreads. Using endogenous treatment and outcome estimations, we find that companies would potentially face an average of 114 to 185 basis points (bps) higher loan spreads in counterfactual absence of bond market access, significantly larger than observational difference (57 bps) or existing estimates in the literature. This finding underscores the importance of bond markets for corporate financing and overcoming lending constraints or market power of banks, and also casts doubt on valued banking services as the explanation why loans are more costly to bonds. We also find bond issuance as information release a partial explanation only.

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来源期刊
CiteScore
3.00
自引率
7.10%
发文量
22
期刊介绍: The Journal of Financial Services Research publishes high quality empirical and theoretical research on the demand, supply, regulation, and pricing of financial services. Financial services are broadly defined to include banking, risk management, capital markets, mutual funds, insurance, venture capital, consumer and corporate finance, and the technologies used to produce, distribute, and regulate these services. Macro-financial policy issues, including comparative financial systems, the globalization of financial services, and the impact of these phenomena on economic growth and financial stability, are also within the JFSR’s scope of interest. The Journal seeks to promote research that enriches the profession’s understanding of financial services industries, to elevate industry and product efficiencies, as well as to inform the debate and promote the formulation of sound public policies.   Officially cited as: J Financ Serv Res
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