Bank Information Monopolies and the Mix of Private and Public Debt Claims
利用1980-1990年250家上市公司数据，发现银行借款与增长机会的关系取决于企业使用的银行数量及是否有公共债务，对单一银行关系企业为负相关，对多银行关系企业为正相关。
ABSTRACT This article examines the determinants of the mix of private and public debt using detailed information on the debt structure of 250 publicly traded corporations from 1980 through 1990. We find that the relationship between bank borrowing and the importance of growth opportunities depends on the number of banks the firm uses and whether the firm has public debt outstanding. For firms with a single bank relationship, the reliance on bank debt is negatively related to the importance of growth opportunities. In contrast, among firms borrowing from multiple banks, the relationship is positive.