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The Impacts of Mode of Communication with the Bank on the Cost of Bank Loans: Evidence from Small Businesses
|關鍵字:||小型企業;企業所有權人特性;銀行借貸;Small Business;Owner Characteristic;Bank Loan||Project:||應用經濟論叢, Issue 104, Page(s) 1-30||摘要:||
Using an analysis of data of small businesses from the United States, we find that small-business owners who are highly experienced and have a high level of education have high financing capacity, which is achieved by lowering the cost of bank loans to a firm. By contrast, poor credit history of owners in the past adversely affects bank loans. Especially, these results are mainly obtained from the analysis of small businesses that conduct business with banks by visiting in person. In addition, the conventional paradigm suggests that community banks (small, single-market, local banks) are better able to form strong relationships with informationally opaque small businesses, while ＂megabanks＂ (large, multimarket, nonlocal banks) tend to serve more transparent firms. But our results are often not consistent with the conventional paradigm, possibly because of changes in lending technologies and deregulation of the banking industry.
|Appears in Collections:||應用經濟論叢 第104期|
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