Firm Size Dependence in the Determinants of Bank Term Loan Maturity
研究企业规模如何影响银行定期贷款期限对其决定因素的敏感度，发现只有大企业能通过调整贷款合同条款来增加企业价值。
Abstract: We examine the hypothesis that firm size affects the sensitivity of bank term loan maturity to its underlying determinants. As borrower size increases, negotiating power with the lender and information transparency increase, while the lender is able to spread the fixed costs of loan production across a larger dollar value of the loan. We find strong evidence of firm size dependency in the determinants of bank term loan maturity and show that this is unrelated to syndication. Only large borrowers can manipulate bank loan contract terms so as to increase firm value.