A Multistage Model of Loans and the Role of Relationships
构建了一个多阶段贷款模型，利用美国小企业金融调查数据，发现银企关系影响贷款申请和审批，但对利率的影响取决于经济环境：扩张期关系降低利率，衰退期则无此效果。
We develop a multistage model of the loan granting process to understand the contradictory findings of the existing literature on bank‐borrower relationships, credit availability, and loan rates. Upon estimating our model with the 1993, 1998, and 2003 versions of the Survey of Small Business Finances data set, we find that relationships matter in a borrower's decision whether to apply for a loan and in the loan approval/rejection decision by the financial institution. However, the effect of relationships on loan rates depends on the prevailing economic climate. While firms with preexisting relationships obtain credit at lower rates during periods of economic expansion, loan rates are not negatively correlated with preexisting relationships during periods of economic recession.