Empirical Analysis of Corporate Credit Lines

• 成果类型: Article
• 署名作者: Jimenez, Gabriel; Lopez, Jose A.; Saurina, Jesus
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Banco de Espana
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhp061
• 发表日期: 2009
• 页码: 5069
• 关键词: LOAN COMMITMENT CONTRACTS; lending relationships; RELATIONSHIP BANKING; determinants; liquidity; MARKET; RISK

摘要

Since bank credit lines are a major source of corporate funding, we examine the determinants of their usage with a comprehensive database of Spanish corporate credit lines. A line's default status is a key factor driving its usage, which increases as firm financial conditions worsen. Firms with prior defaults access their credit lines less, suggesting that bank monitoring influences firms' usage decisions. Line usage has an aging effect that causes it to decrease by roughly 10% per year of its life. Lender characteristics, such as the length of a firm's banking relationships, as well as macroeconomic conditions, affect usage decisions.