Bank Lines of Credit as a Source of Long-Term Finance
通过手工收集企业归类为长期债务的信贷额度提取数据，发现长期提取随高投资需求或外部资本市场疲弱而增加，提取资金主要用于长期投资，且信用评级较低的企业更依赖长期提取，信贷额度比定期贷款有更严格的契约，提取后较快偿还并常被其他长期债务再融资。
Abstract Hand-collecting credit line drawdowns that firms classify as long-term debt, we first document how long-term drawdowns rise with high investment needs or weak external capital market conditions. Nearly all drawdown proceeds finance long-term investment, including M&A activity. Unrated and lower-rated firms rely more on long-term drawdowns than high or very poorly rated firms. We further find that credit lines have tighter covenants than terms loans. Drawdowns are repaid fairly quickly and often refinanced with other long-term debt. Our findings support the monitored liquidity insurance theory of credit lines and highlight that long-term drawdowns act as a valuable bridge financing mechanism.