Econ Papers Daily / 期刊论文
私募股权如何推动非银行借贷
How Private Equity Fuels Nonbank Lending
摘要
We demonstrate how private equity (PE) promotes nonbank lending by substituting for bank monitoring. Relative to non-PE-backed loans, PE-backed loans exhibit lower bank monitoring, smaller loan shares retained by lead banks, and larger shares held by nonbanks. The substitution is strongest when sponsors have greater incentives to engage with portfolio firms, is not associated with weaker loan performance, and persists during borrower distress. Our findings suggest that PE sponsors’ active engagement—through monitoring and support in distress—reduces banks’ need for monitoring and information production, enabling them to retain less skin in the game and sell loans to nonbanks.
中文摘要
我们展示了私募股权（PE）如何通过替代银行监督来促进非银行贷款。相对于非PE支持的贷款，PE支持的贷款表现出更低的银行监督、牵头银行保留的贷款份额更小，以及非银行持有的份额更大。当发起人有更强的动机参与投资组合公司时，这种替代效应最强，且不与更差的贷款表现相关联，并在借款人困境期间持续存在。我们的发现表明，PE发起人的积极参与——通过在困境中的监督和支持——降低了银行对监督和信息生产的需求，使其能够保留更少的切身利益并将贷款出售给非银行。