Banking Relationships and Financial Decisions of REITs

Yuan-Chen Chang, Yi‐Ting Hsieh, Kiat Ying Seah, T. Sing
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引用次数: 1

Abstract

Banking relationships are key factors influencing financing decisions of real estate investment trusts (REITs) that are mandated to hold highly specific assets. Using a comprehensive data set of loan facilities by REITs across different markets, this paper empirically tests the effect of REIT-bank relationships on credit costs and other non-price credit terms. We find that REITs with past banking relationships enjoy favourable loan terms that include lower loan rates, higher loan amount, and a less stringent collateral requirement. These favorable terms were kept by relationship banks during the Global Financial Crisis from 2007 to 2009.
REITs的银行关系和财务决策
银行关系是影响房地产投资信托基金(REITs)融资决策的关键因素,房地产投资信托基金被授权持有高度特定的资产。本文利用不同市场的REITs贷款工具的综合数据集,实证检验了reit -银行关系对信贷成本和其他非价格信贷条款的影响。我们发现,过去与银行有关系的REITs享有优惠的贷款条件,包括较低的贷款利率、较高的贷款金额和较宽松的抵押品要求。这些优惠条件在2007年至2009年全球金融危机期间被关系型银行保留。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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