Relationship Banking and Loan Syndicate Structure: The Role of Private Equity Sponsors
研究了私募股权支持的公司中，主贷款银行与私募股权公司的关系如何影响银团贷款结构，发现更强的关系使主银行保留更少份额并形成更大、更分散的银团，尤其当借款人不透明时。
Abstract Using a sample of syndicated loans to private equity (PE)‐backed initial public offering companies, we examine how a third‐party bank relationship influences the syndicate structure of a loan. We find that a stronger relationship between the lead bank and the borrower's PE firm enables the lead bank to retain a smaller share of the loan and form a larger and less concentrated syndicate, especially when the borrower is less transparent. A stronger PE‐bank relationship also attracts greater foreign bank participation. Our findings suggest that the lead bank's relationship with a large equity holder of the borrower facilitates information production in lending.