Bank Credit and Market-Based Finance for Corporations: The Effects of Minibond Issuances
Bank Credit and Market-Based Finance for Corporations: The Effects of Minibond Issuances
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银行信贷和企业市场化融资：迷你债券发行的影响
DOI：
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发表时间：
2020
期刊：
影响因子：
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通讯作者：
Alessandro Scopelliti
中科院分区：
文献类型：
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作者：
S. Ongena;Sara Pinoli;Paola Rossi;Alessandro Scopelliti
本文研究了融资来源多元化对企业融资条件的影响。我们利用了2012年意大利进行的监管改革，即，推出“迷你债券”，为非上市公司提供新的市场融资机会。使用意大利信用登记册，我们调查的影响，迷你债券发行的银行信贷条件的发行公司，无论是在公司银行和公司层面。我们将发放给发行公司的新贷款与同时发放给类似非发行公司的新贷款进行比较。我们发现，发行人企业获得较低的利率，银行贷款相同期限比非发行人企业，这表明他们的议价能力的改善与银行。此外，发行公司减少了银行信贷的使用量，但增加了可用外部资金的总量，这表明银行信贷的替代和公司资金来源的多样化。通过对上市公司事后绩效的研究，我们发现，上市公司的总资产和固定资产规模都有所扩大，同时也提高了杠杆率。
We study the effects of the diversification of funding sources on the financing conditions for firms. We exploit a regulatory reform which took place in Italy in 2012, i.e., the introduction of “minibonds”, which opened a new market-based funding opportunity for unlisted firms. Using the Italian Credit Register, we investigate the impact of minibond issuance on bank credit conditions for issuer firms, both at the firm-bank and firm-level. We compare new loans granted to issuer firms with new loans concurrently granted to similar non-issuer firms. We find that issuer firms obtain lower interest rates on bank loans of the same maturity than non-issuer firms, suggesting an improvement in their bargaining power with the banks. In addition, issuer firms reduce the amount of used bank credit but increase the overall amount of available external funds, pointing to a substitution with bank credit and to a diversification of corporate funding sources. Studying their ex-post performance, we find that issuer firms expand their total assets and fixed assets, and also raise their leverage.