The Benefits of Lending Relationships: Evidence from Small Business Data
通过小企业调查数据，实证分析企业与贷款机构的关系如何影响融资可得性和成本，发现紧密关系主要增加融资可得性，而多头借贷则提高成本并降低可得性。
ABSTRACT This paper empirically examines how ties between a firm and its creditors affect the availability and cost of funds to the firm. We analyze data collected in a survey of small firms by the Small Business Administration. The primary benefit of building close ties with an institutional creditor is that the availability of financing increases. We find smaller effects on the price of credit. Attempts to widen the circle of relationships by borrowing from multiple lenders increases the price and reduces the availability of credit. In sum, relationships are valuable and appear to operate more through quantities rather than prices.