The Choice of Debt Source by UK Firms
研究了400家英国非金融企业2000-2012年间在公共债务、银团贷款、双边银行贷款和非银行私人债务之间的选择，发现借款人声誉是主要决定因素。
Abstract We examine the choice of borrowing source among public debt, syndicated bank loans, bilateral bank loans and non‐bank private debt. Using a sample of 400 non‐financial firms over the period 2000–2012, we find strong support for the reputational theory of borrowing source. Larger firms are more likely to borrow in public debt markets. Bank dependent firms are less likely to borrow in public debt markets and choose between bank and non‐bank private debt based on maturity, collateral available to lenders and other firm characteristics. These results are consistent with the role of borrower reputation being the primary determinant of borrowing source for UK listed firms.