An Empirical Analysis of the Determinants of Corporate Debt Ownership Structure
实证分析企业债务所有权结构与公司特征的关系，发现监控成本、清算成本及借款人激励影响债务来源选择，银行与非银行私人债务存在重要差异，且拥有公共债务渠道的企业仍系统性地使用银行债务。
I examine the relation between corporate debt ownership structure and several firm characteristics suggested by recent theory. The results demonstrate the importance of monitoring and information costs, the likelihood and costs of inefficient liquidation, and borrowers' incentives in affecting firms' debt source preferences. Several theoretical predictions receive support, while others do not. The results also suggest important differences between bank and private non-bank debt, which contrasts with most theoretical models. Additionally, I find evidence of systematic use of bank debt by firms with access to public debt, suggesting the benefits attributed to bank debt in theoretical models remain important after firms gain access to public debt markets. Although different lenders appear to have different maturity preferences, the results also suggest debt maturity and debt ownership decisions may be separable.