The Sources of Debt Matter Too
研究不同类型私人债务（银行贷款、非银行私人债务、未使用信贷额度）对企业现金余额、股权风险和投资的影响，发现银行借贷增加现金和投资但降低风险，非银行债务增加现金但减少投资，未使用信贷额度减少现金和风险但增加投资。
Abstract This paper examines the effects of different types of private debt on firm cash balances, equity risk, and investment. Firms with more bank loans have more cash and investment, but lower equity risk. Firms with more nonbank private debt have more cash, lower equity risk, and less investment. Firms with more unused credit lines have less cash and lower equity risk, but greater investment. Results suggest that financial intermediaries' monitoring intensity increases with loan size. Depending on type, private debt mitigates information asymmetry or asset substitution, or both. Deposit relations associated with bank borrowing also contribute to banks' information advantage.