Corporate ownership structure and the choice between bank debt and public debt

被引：233

作者：

Lin, Chen ^{[1
,2
]}

Ma, Yue ^{[3
]}

Malatesta, Paul ^{[4
]}

Xuan, Yuhai ^{[5
]}

机构：

[1] Chinese Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China

[2] Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China

[3] City Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China

[4] Univ Washington, Seattle, WA 98195 USA

[5] Harvard Univ, Sch Business, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2013年 / 109卷 / 02期

关键词：

Ownership structure; Excess control rights; Bank Debt; Public Debt; ACCRUAL ESTIMATION ERRORS; GROWTH OPPORTUNITIES; MATURITY STRUCTURE; FIRM VALUE; PRIVATE; LOANS; RISK; DETERMINANTS; GOVERNANCE; COVENANTS;

D O I：

10.1016/j.jfineco.2013.03.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This article examines the relation between a borrowing firm's ownership structure and its choice of debt source using a novel data set on corporate ownership, control, and debt structures for 9,831 firms in 20 countries from 2001 to 2010. We find that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant negative impact on the firm's reliance on bank debt financing. In addition, we show that the control-ownership divergence affects other aspects of debt structure including debt maturity and security. Our results indicate that firms controlled by large shareholders with excess control rights may choose public debt financing over bank debt as a way of avoiding scrutiny and insulating themselves from bank monitoring. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：517 / 534

页数：18

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