Bank Lending Standards and Access to Lines of Credit
Bank Lending Standards and Access to Lines of Credit
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DOI：
10.2139/ssrn.1361844
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发表时间：
2012-01
期刊：
影响因子：
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通讯作者：
C. Demiroglu;C. James;A. Kizilaslan
中科院分区：
文献类型：
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作者：
C. Demiroglu;C. James;A. Kizilaslan
本文探讨了银行贷款标准的变化如何与私人和可比上市公司的银行信贷额度的可用性有关。总体而言，我们发现，获得信贷额度更取决于银行贷款标准的私营企业比上市公司。然而，银行贷款标准的影响是不对称的：虽然私营企业不太可能比上市公司获得新的贷款额度时，信贷市场条件紧张，我们发现没有区别的公共和私营企业在他们的使用或保留现有的线路。我们还发现，没有信用额度的私营企业使用更多的贸易信贷时，银行贷款标准是严格的，这是一个供应效应的暗示。总的来说，有证据表明，“信贷紧缩”可能对私营企业产生不成比例的影响。然而，先前存在的银行关系似乎减轻了这些收缩对私营公司的影响。
This paper examines how changes in bank lending standards are related to the availability of bank lines of credit for private and comparable public firms. Overall, we find that access to lines of credit is more contingent on bank lending standards for private than for public firms. The impact of bank lending standards is however asymmetric: While private firms are less likely than public firms to gain access to new lines when credit market conditions are tight, we find no difference between public and private firms in terms of their use or retention of pre-existing lines. We also find that private firms without lines of credit use more trade credit when bank lending standards are tight, which is suggestive of a supply effect. Overall, the evidence suggests that “credit crunches” are likely to have a disproportionate impact on private firms. However, pre-existing banking relationships appear to mitigate the impact of these contractions on private firms.