美国国税局对银行贷款成本的监控重要吗?

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2019-07-08 DOI:10.2139/ssrn.3419334

Theodora Bermpei, A. Kalyvas, S. Wolfe

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引用次数: 0

摘要

我们发现，IRS监控对银团贷款成本有显著的负面影响。美国国税局审计的概率每增加一个标准差，贷款息差就会减少约9个基点。我们还发现，对于借贷关系较好、能够可靠地进入公开市场的借款人，这种影响更大。这些结果表明，IRS监测可以提高借款人的议价能力，并限制银行从其贷款关系中提取信息租金。因此，他们为IRS监控如何降低银行系统融资成本提供了新颖的见解。

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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Does IRS Monitoring Matter for the Cost of Bank Loans?

We show that IRS monitoring exerts a significantly negative effect on the cost of syndicated loans. A one standard deviation increase in the probability of an IRS audit decreases loan spreads by around nine basis points. We also find that this effect is stronger for borrowers with better lending relationships and credible access to public markets. These results indicate that IRS monitoring could increase the bargaining power of borrowers and restrain banks from extracting informational rents from their lending relationships. Thus, they provide a novel insight into how IRS monitoring could lower the cost of financing from the banking system.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.