Bank Capital and Lending Relationships
研究了银行与企业匹配的机制，发现依赖银行的企业从资本充足的银行借款，而有债券市场渠道的企业则从资本较少的银行借款，这种匹配平滑了信贷周期并减轻了银行冲击对实体经济的影响。
ABSTRACT This paper investigates the mechanisms behind the matching of banks and firms in the loan market and the implications of this matching for lending relationships, bank capital, and credit provision. I find that bank‐dependent firms borrow from well‐capitalized banks, while firms with access to the bond market borrow from banks with less capital. This matching of bank‐dependent firms with stable banks smooths cyclicality in aggregate credit provision and mitigates the effects of bank shocks on the real economy.