Why Do Firms Form New Banking Relationships?
利用1990年至2006年的大样本贷款数据，研究发现小型上市公司更可能建立新的银行关系，从而获得更高贷款额度，并促进销售增长、资本支出和杠杆率提升，揭示了排他性银行关系的重要成本。
Abstract Using a large loan sample from 1990 to 2006, we examine why firms form new banking relationships. Small public firms that do not have existing relationships with large banks are more likely to form new banking relationships. On average, firms obtain higher loan amounts when they form new banking relationships, while small firms also experience an increase in sales growth, capital expenditure, leverage, analyst coverage, and public debt issuance subsequently. Our findings suggest that firms form new banking relationships to expand their access to credit and capital market services, and highlight an important cost of exclusive banking relationships.