Franchisees and Loan Default on Third-Party Guarantee Loans: Evidence From the United States
研究了加盟商在第三方担保贷款中是否比独立企业更容易违约，发现担保比例高或经济衰退前1-2年发放的加盟商贷款违约风险更高。
We test the inefficient risk-bearing hypothesis—that third-party loan guarantors bear a higher risk on loans to franchisees than on loans to independent businesses—by assessing whether franchisees default more than independent businesses on third-party guarantee loans. In a sample of 428,233 SBA 7(a) loans disbursed between 2000 and 2016, franchisee loans, compared to independent business loans, with a higher percentage of the loan guarantee or made 1 to 2 years before a recession have a higher likelihood of default. The findings imply a distinctive loan default risk profile for franchisee loans.