Trends in Corporate Borrowing
研究了2002-2019年美国上市公司借款在融资结构、成本、非价格条款、银行与非银行机构重要性及借款目的五方面的变化，并对比欧元区企业。
Corporate borrowing has substantially changed over the last two decades. In this article, we investigate changes in borrowing of US publicly listed firms along trends in five key areas: ( a) the funding mix of firms and the importance of balance-sheet versus off-balance-sheet borrowing; ( b) the costs of corporate borrowing; ( c) trends in nonprice loan terms; ( d) the importance of banks versus nonbank institutional investors; and ( e) the purpose for corporate borrowing. We explore these trends graphically over the 2002–2019 period, provide a narrative for these trends based on the theoretical and empirical literature in the respective areas, and discuss some implications for the coronavirus disease 2019 (COVID-19) pandemic. Finally, we document these trends for firms in the Eurozone countries and delineate similarities and differences.