Firms’ Bond Market Access and Impact on Bank Borrowing Costs
研究发现，有债券发行的企业规模更大、杠杆更高、融资需求更强，但银团贷款利差更低；若无法进入债券市场，贷款利差可能高出114至185个基点，远超观察到的差异。
Abstract This paper documents that companies with bond issuance are larger, are more leveraged, and have higher financing needs, but have lower observed syndicated loan spreads. Using endogenous treatment and outcome estimations, we find that companies would potentially face an average of 114 to 185 basis points (bps) higher loan spreads in counterfactual absence of bond market access, significantly larger than observational difference (57 bps) or existing estimates in the literature. This finding underscores the importance of bond markets for corporate financing and overcoming lending constraints or market power of banks, and also casts doubt on valued banking services as the explanation why loans are more costly to bonds. We also find bond issuance as information release a partial explanation only.