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原文：Khan U, Lin V Y, Ma Z, et al. Strategic alliances and lending relationships[J]. The Accounting Review, 2024, 99(5): 307-332.
Strategic Alliances and Lending Relationships
ABSTRACT: We study how proprietary information flows in strategic alliances facilitate banks’ information collection in private debt markets. We argue that lenders that have previously worked with a borrower’s alliance partners have an information advantage and show that firms entering a strategic alliance receive a lower interest spread on loans from banks that have previously lent to their strategic partners than loans from other banks. Cross-sectional tests on alliances’ economic importance and participants’ information environment support our hypothesis that the loan price effect is driven by reduced information asymmetry between borrowers and their partners’ relationship banks. Last, we find borrowers are more likely to obtain debt financing from alliance-related banks than from other banks. Overall, our findings are consistent with lenders that have previously worked with an alliance counterparty possessing debt contracting-relevant information about the soft nature of alliance value and the partners’ commitment to alliances.
战略联盟和借贷关系
摘要：本文研究了在私人债务市场战略联盟中的专有信息流动如何促进银行的信息收集。本文认为，以前与借款人联盟伙伴合作的贷款机构具有信息优势，借款人从这些银行获取的贷款利率比从其他银行获取的贷款利率更低，而且比从其他银行获得的贷款要多。机制检验通过检验联盟的经济重要性和联盟参与者的信息环境支持了本文的假设：这种效应是由借款人与其合作伙伴关系银行之间的信息不对称降低所驱动的。最后，本文还发现与其他银行相比，借款人更有可能从与联盟相关的银行获得债务融资。总的来说，本文的实证结果与此前发现的结果是一致的：与联盟其他合作者有合作关系的贷款机构拥有关于联盟价值的软性质信息和合作伙伴对联盟的承诺的相关信息。
亮点：（1）本文探究了银行如何将联盟伙伴之间的相互联系以及联盟内部的私人信息流动纳入贷款定价决策，将联盟的影响从股票市场层面拓展至债务市场层面，私人信息流动在债务市场层面体现在决策前，这与股票市场通常是事后反应的效应不同。（2）过往关于关系借贷的文献集中在探究机构层面的关系（如共同国有背景），近期也有一些研究发现私人关系（债权人和管理层）也能缓解信息不对称，而本文发现已经存在的借贷关系也能缓解信息不对称，从而对关系型关系方面的研究做出了贡献。（3）本文使用的数据比较独特，是公司每一笔贷款的数据，使得文章能够精准的捕捉到贷款利率的变化。
02
原文：Zhang D, Zhang Y, Zhao Y. Lending relationships and the pricing of syndicated loans[J]. Management Science, 2024, 70(2): 1113-1136.
Lending Relationships and the Pricing of Syndicated Loans
ABSTRACT: Using a dataset on syndicated loan primary market pricing adjustments, we examine whether relationship banks’ information advantage facilitates price discovery in loan issuances. We find that the lead bank makes fewer adjustments to the initial pricing terms of a syndicated loan and shortens the syndication time when it has a stronger relationship with the borrower. A stronger relationship also reduces loan underpricing. A relationship lead bank relies less on information from syndicate members. Exogenous shocks to relationships caused by bank mergers and closures confirm our findings. We contribute to the literature by showing that relationship lending improves loan pricing efficiency.
银团贷款的贷款关系和定价
摘要：本文利用银团贷款一级市场定价调整的数据集，检验了关系银行的信息优势是否有助于贷款发行中的价格发现。本文发现，当牵头银行与借款人的关系较强时，牵头银行对银团贷款的初始定价条款的调整较少，并且缩短了银团贷款的时间。更紧密的关系也缓解了贷款抑价。关系主导银行较少依赖银团其他银行提供的信息。银行合并和关闭对关系造成的外生冲击证实了本文的发现。本文通过发现关系借贷提高了贷款定价效率为关系型借贷相关的文献做出了贡献。
亮点：（1）本文使用了独特的数据，能够捕捉机构定期贷款一级市场的定价调整和进入二级市场的交易价格，因为本文认为债券利差从325个基点下调至300个基点的贷款可能与最初定价为300个基点而没有进一步调整的贷款是有差别的，而这个调整的原因是尚未被探究且重要的。（2）本文揭示了贷款定价中如何使用贷款关系信息的导致最终贷款定价存在细微差别，为关系型贷款相关的文献做出了贡献。过往研究发现关系型贷款可能会降低贷款利率，本文的发现与这些研究一致，正是因为存在贷款关系导致了贷款发行的抑价情况。（3）本文的结论支持了贷款证券化是有利于价格发现功能的观点，信息不对称和价格发现之间也存在关系。
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原文：Paravisini D, Rappoport V, Schnabl P. Specialization in bank lending: Evidence from exporting firms[J]. The Journal of Finance, 2023, 78(4): 2049-2085.
Specialization in bank lending: Evidence from exporting firms
ABSTRACT: We develop a novel approach for measuring bank specialization using granular data on borrower activities and apply it to Peruvian exporters and their banks. We find that borrowers seek credit from banks that specialize in their export destinations, both when expanding exports and when exporting to new countries. Firms experiencing country-specific export demand shocks adjust borrowing disproportionately from specialized banks. Specialized bank credit supply shocks affect exports disproportionately to countries of specialization. Our results demonstrate that firm credit demand is bank- and activity-specific, which reduces banking competition and affects the transmission and amplification of shocks through the banking sector.
银行贷款专业化：来自出口企业的证据
摘要：本文开发了一种使用借款人活动的粒度数据来衡量银行专业化的新方法，并将其应用于秘鲁出口商及其银行。文章发现，借款人在扩大出口和向新国家出口时，都会向专门从事出口目的地的银行寻求信贷。经历特定国家出口需求冲击的公司不成比例地调整从专业银行的借款。专业银行信贷供应冲击对专业化国家的出口影响不成比例。本文的研究结果表明，企业信贷需求是特定于银行和活动的，这降低了银行业的竞争，并影响了冲击通过银行业的传播和放大。
亮点：（1）传统银行理论认为，跨部门和项目的全面多元化是最优的，但多元化同样意味着向银行没有专业知识的市场扩张，这样的代价高昂的，本文的发现为信贷市场的产业组织对实体经济的影响做出了贡献。（2）本文的研究结果强调了市场特定银行专业化在信贷供应冲击传导中的互补作用。市场特定的银行专业化限制了银行之间的竞争，但同样这也放大了银行倒闭对实体经济的影响，为信贷供应冲击对实体经济影响方面的文献做出了贡献。
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总编：游家兴
解析：陈沁圆
审校：刘乾 秦会
编辑：潘芳妍
