中文版 | English
G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9934
DP9934 Does Relationship Lending Require Opaque (and Conservative) Financial Reporting?
Hendrik Hakenes
发表日期2014-04-13
出版年2014
语种英语
摘要For many private firms, relationship lending is the only viable form of outside financing. Relationship lending typically relies on intertemporal loan pricing: losses from early years are recovered by information rents in later years, which stem from the lender's private information regarding the firm's creditworthiness. Our model shows that overly transparent financial reporting reduces the relationship lender's information rent such that the lender has insufficient incentive to offer early stage financing as a result. During financial distress, private firms find it easier to obtain liquidity support from relationship lenders when financial reporting is sufficiently opaque. Conservative opacity enables relationship lending more effectively than aggressive reporting. This paper seeks to explain why private firm financial reporting is (conservatively) opaque and raises concerns regarding recent regulatory efforts that require private firms to engage in more transparent financial reporting because such efforts may result in undesirable side effects.
主题Financial Economics
关键词Accounting conservatism Financial reporting opacity Private firms Relationship lending Small and medium enterprises
URLhttps://cepr.org/publications/dp9934
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538768
推荐引用方式
GB/T 7714		 Hendrik Hakenes. DP9934 Does Relationship Lending Require Opaque (and Conservative) Financial Reporting?. 2014.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Hendrik Hakenes]的文章
百度学术
百度学术中相似的文章
[Hendrik Hakenes]的文章
必应学术
必应学术中相似的文章
[Hendrik Hakenes]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。