The Side Effects of Shadow Banking on Banks’ Liquidity Provision
研究发现，影子银行参与企业定期贷款银团会削弱信用额度的流动性供给，即使影子银行不直接提供信用额度。这类贷款交易中，借款人风险更高、合作银行更少，信用额度规模更小、期限更短、提取率更低，整体流动性保护较弱。
Abstract The presence of shadow banks in corporate term loan syndicates adversely affects credit lines’ liquidity provision, despite shadow banks not directly funding credit lines. Within the same syndicated loan deal, shadow banks attract not only riskier borrowers but also fewer banks as co-lenders, both in the term loan and in the credit line. Furthermore, credit lines in deals funded by shadow banks, compared to those without shadow bank participation, are smaller, with shorter maturities, and lower drawdown rates. Overall, our results highlight that syndicated loan deals with a strong presence of shadow banks offer borrowers lower liquidity protection. JEL G21, G22, G23