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首页> 外文期刊>Journal of banking & finance >Should banks own equity stakes in their borrowers? A contractual solution to hold-up problems
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Should banks own equity stakes in their borrowers? A contractual solution to hold-up problems

机译：银行是否应拥有其借款人的股权？解决滞留问题的合同解决方案

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This paper develops a model to answer the question whether a bank should hold a share of the equity of a borrowing firm. The model shows that a small equity stake held by the bank can have a significant and positive impact on the lending relationship. The benefit of bank equity participation arises from the reduced ability of the bank to extract rents from the firm in multiple rounds of financing. This, in turn, improves the firm's incentive to make investments in profitable projects that require future outside finance. The benefit is likely to be significant for small to medium size firms, growth firms, and firms with ongoing capital needs. The paper addresses, from a corporate finance perspective, the current debate about whether banks should be allowed to own equity stakes in corporations - and how large these equity stakes should be.
机译：本文提出了一个模型来回答银行是否应持有借款公司股权的问题。该模型显示，银行持有的少量股权可以对借贷关系产生重大而积极的影响。参与银行股本的好处来自银行在多轮融资中从公司收取租金的能力下降。反过来，这提高了公司对需要未来外部融资的盈利项目进行投资的动力。对于中小型企业，成长型企业和有持续资本需求的企业而言，收益可能是巨大的。本文从公司融资的角度解决了当前有关是否应允许银行拥有公司股权以及这些股权应占多大的争论。

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