Bank Lending and Market-Based Finance for Corporations: The Effects of Minibond Issuances for Unlisted Firms
研究非上市公司发行迷你债券后，银行贷款利率降低、债务结构变化，企业资产和营业额增加。
Abstract What are the benefits of access to the bond market for unlisted firms, and how does it affect their bank lending conditions? Using a regulatory reform that allowed unlisted firms to issue minibonds, we address these questions comparing new bank loans to issuers with concurrent loans to matched non-issuers. After the first minibond issuance, issuers obtain lower interest rates on bank loans of similar maturity, largely reflecting a shift in the seniority structure of corporate debt, and reduce the use of bank loans while increasing their total financial debt. They also increase turnover, total and fixed assets, particularly intangible assets.