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Three essays in REIT corporate finance.

机译：REIT企业融资三篇论文。

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摘要

This dissertation consists of three essays which examine effects of financial constraint on firm investment and financial policies, value of banking relationships, and impacts of bank consolidation on industrial market structure, respectively. I focus on Real Estate Investment Trusts (REITs) as they provide a unique laboratory for studying these issues.; The first essay examines relationships among firm investment, cash flow and use of bank lines of credit (L/Cs) to identify effects of financial constraint on firm investment and financial policies. The results suggest that bank L/C (i.e., external-source financial liquidity) matters for REIT investment and that the two types of sensitivity can be used to identify the degree of financial constraint. Furthermore, banking relationship helps relax financial constraint and facilitates firm investment. The second essay conducts an analysis on use of bank debt by REITs with a focus on value of banking relationships and their effects on REITs' financial policies. I document that there exists a "bridge-financing" pattern in REITs' financing policy and that commercial banks underwrite a significant portion of public debt and equity offerings for REITs. Moreover, I show that "relationship loans" bear favorable loan rates and the issuers of "relationship offerings" pay less underwriting fees. Also, banking relationships affect REITs' financing choice. These findings show that banking relationships add value to REITs and have important impacts on REITs' financial policies. The third essay examines whether bank mergers lead to REIT mergers and in turn influence the market structure of REITs. The results show that bank mergers reduce regional bank competition, which increases costs of bank capital for small REITs. In addition, REIT concentration is positively related to bank concentration in the same region, and more concentrated banking markets lead to more concentrated REIT markets. These findings suggest that bank mergers create incentives for REITs to consolidate.
机译：本文由三篇论文组成，分别考察了财务约束对公司投资和财务政策的影响，银行关系的价值以及银行合并对产业市场结构的影响。我专注于房地产投资信托（REIT），因为它们提供了研究这些问题的独特实验室。第一篇文章研究了公司投资，现金流量和银行授信额度（L / Cs）使用之间的关系，以确定财务约束对公司投资和财务政策的影响。结果表明，银行的信用证（即外部来源的金融流动性）对房地产投资信托投资很重要，并且可以使用两种敏感性来确定金融约束程度。此外，银行业务关系有助于放松财务约束并促进公司投资。第二篇文章对房地产投资信托基金对银行债务的使用进行了分析，重点是银行业务关系的价值及其对房地产投资信托基金财务政策的影响。我记录到房地产投资信托基金的融资政策存在“过渡融资”模式，商业银行承销了房地产投资信托基金很大一部分的公共债务和股票发行。此外，我证明“关系贷款”具有有利的贷款利率，“关系产品”的发行人支付的承销费较少。此外，银行业务关系也会影响房地产投资信托的融资选择。这些发现表明，银行业务关系为房地产投资信托基金增加了价值，并对房地产投资信托基金的财务政策产生了重要影响。第三篇文章探讨了银行合并是否导致房地产投资信托基金合并，进而影响房地产投资信托基金的市场结构。结果表明，银行合并减少了区域性银行竞争，从而增加了小型REIT的银行资本成本。此外，REIT集中度与同一地区的银行集中度呈正相关，并且更加集中的银行市场会导致更集中的REIT市场。这些发现表明，银行合并为房地产投资信托基金的合并提供了动力。

著录项

  • 作者

    Wu, Zhonghua.;

  • 作者单位

    The University of Wisconsin - Madison.;

  • 授予单位 The University of Wisconsin - Madison.;
  • 学科 Economics Finance.; Business Administration Banking.
  • 学位 Ph.D.
  • 年度 2006
  • 页码 159 p.
  • 总页数 159
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;金融、银行;
  • 关键词

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