Do Firms Benefit from Multiple Banking Relationships? Evidence from Small and Medium- Sized Firms in Japan
Do Firms Benefit from Multiple Banking Relationships? Evidence from Small and Medium- Sized Firms in Japan
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公司能否从多种银行关系中受益？
DOI：
10.1007/s10368-011-0196-x
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发表时间：
2013
影响因子：
1.7
通讯作者：
Masayo Shikimi
中科院分区：
文献类型：
--
作者：
Ogura;Y.;Okui;R.;and Y. U. Saito;Masayo Shikimi
本文实证检验了多重银行关系对信贷成本和可获得性的影响。该分析基于2000-2002年期间日本中小企业的不平衡面板数据集。豪斯曼-泰勒估计量被用来考虑公司之间不可观察到的异质性和多个银行关系之间的可能相关性。结果表明，当考虑银行关系的内生性时，信贷成本与银行关系的数量正相关。多家银行之间的关系对资金紧张企业的信贷供应有积极影响。
This paper examines empirically the effects of multiple banking relationships on the cost and availability of credit. The analysis is based on an unbalanced panel data set for Japanese small and medium-sized firms over the period 2000–2002. The Hausman-Taylor estimator is used to allow for possible correlation between unobservable heterogeneity among firms and multiple banking relationships. The results suggest that the cost of credit is positively correlated with the number of banking relationships when the endogeneity of banking relationships is taken into account. Multiple banking relationships have a positive effect on the availability of credit for financially constrained firms.