Relationship Banking, Liquidity, and Investment in the German Industrialization
利用1903-1913年德国企业数据发现，与银行有关系的企业投资对内部流动性的敏感度反而更高，且敏感度最高的企业并未面临流动性约束，表明关系银行并未一致降低流动性敏感度。
Close bank relationships are thought to ameliorate firms' liquidity constraints—a phenomenon frequently measured by liquidity sensitivity of investment. Using German firms during the formative years of universal banking (1903–1913), this paper shows that, even controlling for selection bias, investment is more sensitive to internal liquidity for bank‐networked firms than unattached firms. The firm exhibiting the greatest liquidity sensitivity, however, faced no apparent liquidity constraint. The findings yield two implications: they support recent research rejecting a linear relationship between liquidity sensitivity and financing constraints, and they suggest that relationship banking provides no consistent lessening of firms' liquidity sensitivity.