Why Do Firms Borrow Directly from Nonbanks?
通过分析2010-2015年中型企业的手工收集贷款协议，发现三分之一贷款直接来自非银行机构，其中三分之二源于银行监管限制，导致亏损和高杠杆企业更可能向非银行借款并支付更高利率。
Abstract Analyzing hand-collected credit agreements for a sample of middle-market firms over 2010–2015, we find that one-third of all loans are directly extended by nonbank financial intermediaries. Two-thirds of such nonbank lending can be attributed to bank regulations that constrain banks’ ability to lend to unprofitable and highly levered borrowers. Firms with negative EBITDA and debt/EBITDA greater than six are 32$\%$ and 15$\%$ more likely to borrow from nonbanks. These firms pay significantly higher interest rates, especially following the 2013 leveraged loan guidance revisions. Nonbank borrowers also receive different nonprice terms compared to firms borrowing from banks. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.