Borrowing for the Public Good
研究了非营利组织使用税收豁免债券作为资本来源的增长趋势，发现不同非营利部门间差异大，且借款者多为大型、低风险组织，引发如何让小型非营利组织也能负责任地利用该市场的思考。
The importance of tax-exempt borrowing as a capital source to the nonprofit sector has significantly grown over time. Outstanding tax-exempt bonds issued by nonprofits have risen from an inflation-adjusted US$106.3 billion in 1993 to US$388.5 billion in 2010 representing an 8% compound annual growth rate over the period. The increased importance of tax-exempt borrowing relative to other borrowing for nonprofits has gone unnoticed. Here, we ask what factors are associated with this trend. We find wide variation in the increasing use of tax-exempt bond usage between nonprofit sectors. Although nonprofit borrowers other than hospitals have increasingly entered the tax-exempt capital market over the past decade, they still tend to be large organizations with lower risk of bankruptcy or default. Our empirical findings continue to raise the questions that others have raised: How do we make smaller, capital-starved nonprofits better able to take advantage of the tax-exempt market in a responsible manner?