THE EFFECT OF CREDIT MARKET COMPETITION ON LENDING RELATIONSHIPS

被引：1372

作者：

PETERSEN, MA ^{[1
]}

RAJAN, RG ^{[1
]}

机构：

[1] UNIV CHICAGO,CHICAGO,IL 60637

来源：

QUARTERLY JOURNAL OF ECONOMICS | 1995年 / 110卷 / 02期

基金：

美国安德鲁·梅隆基金会;

关键词：

D O I：

10.2307/2118445

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper provides a simple framework showing that the extent of competition in credit markets is important in determining the value of lending relationships. Creditors are more likely to finance credit-constrained firms when credit markets are concentrated because it is easier for these creditors to internalize the benefits of assisting the firms. The paper offers evidence from small business data in support of this hypothesis.

引用

页码：407 / 443

页数：37

共 21 条

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[2]

DEWATRIPONT M, 1992, THEORY DEBT EQUITY D

[3]

DIAMOND D, 1989, J POLITICAL EC, V47, P828

[4] FINANCIAL INTERMEDIATION AND DELEGATED MONITORING [J].