Do Lending Relationships Affect Corporate Financial Policies?
研究发现贷款关系显著影响企业的杠杆率、发行选择和投资结构，尤其对融资受限企业影响更大，且银行信用评级下调等冲击会降低企业杠杆和投资。
This paper provides new evidence on how lending relationships impact firms’ financing and investment decisions. I find that lending relationships have a significant impact on leverage ratios, issuance choices, and the investment structures of relationship borrowers. The influence of relationships is heightened for financially constrained firms. I find a significant decrease in leverage, net debt issuing, and investment activity in the aftermath of lender‐specific shocks to lending relationships, including announcements of bank write‐downs and downgrades in banks’ credit ratings. My findings are robust to controlling for confounding effects that might arise due to unobserved demand and relationship changes.