The effect of bank relationships on bond spreads: Additional evidence from Japan
The effect of bank relationships on bond spreads: Additional evidence from Japan
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DOI：
10.1016/j.jcorpfin.2021.101937
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发表时间：
2021-03
影响因子：
6.1
通讯作者：
Yasuharu Aoki
中科院分区：
文献类型：
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作者：
Yasuharu Aoki
本研究利用日本债券发行公司的数据，探讨银行关系对债券利差的影响。在这样做的过程中，它扩展了现有文献，这些文献发现银行关系会降低债券利差，这与债券投资者受益于银行监管的观点一致，但美国投资级债券的情况并非如此。本研究提供的证据表明，对投资级债券收益率的影响随银行关系的类型而变化。在本研究中，主银行被定义为不仅是公司的最大贷款人，而且是十大股东之一的银行，而从银行借钱但与主银行没有联系的公司被认为具有支持银行关系。回归结果表明，虽然主银行关系与投资级债券收益率之间不存在系统关联，但支持银行关系与投资级债券收益率之间存在正相关关系。这表明，即使对于投资级债券的样本，特定类型的银行关系也会影响债券利差，它们之间的关联与债券投资者担心银行造成的持有问题的观点是一致的。
This study investigates the impact of bank relationships on bond spreads using data on Japanese bond-issuing firms. In doing so, it extends the existing literature, which found that bank relationships decrease bond spreads, consistent with the view that bond investors benefit from bank monitoring, but this is not the case for investment-grade bonds in the US. This study provides evidence that the influence on the yields of investment-grade bonds varies with the type of bank relationship. In this research, a main bank is defined as a bank that is not merely the top lender to a firm but also one of the ten largest shareholders, while firms that borrow money from banks but have no ties with main banks are considered to have support bank relationships. The regression results show that although main bank relationships are not systematically associated with the yields of investment-grade bonds, support bank relationships are positively associated with them. It is suggested that, even for a sample of investment-grade bonds, a specific type of bank relationship affects bond spreads and the association between them is consistent with the view that bond investors are concerned about the hold-up problem posed by banks.