Non-bank lending and firm performance: Evidence from the syndicate loan market
研究发现，在杠杆贷款领域，从非银行机构借款的企业在贷款发放后盈利能力低于从银行借款的企业，原因在于非银行借款人受到的监督较弱，导致其风险承担行为增加。
We find that in the leveraged loan sector, firms borrowing from non-banks have lower profitability following loan originations, compared to firms borrowing from banks, after controlling for observable factors. As non-bank borrowers experience less intense monitoring than bank borrowers, they engage in more risk-taking, which could explain their lower profitability following loan issuance. Using the leveraged lending guidance as a plausibly exogenous shock, which resulted in the migration of borrowers from banks to non-banks, we provide causal evidence corroborating our main results. Overall, our findings suggest that macroprudential policies which exclusively target the traditional banking sector may have negative consequences.