标题： 第三方信用担保与债务成本：企业贷款的证据 显示英文标题

标题： Third-Party Credit Guarantees and the Cost of Debt: Evidence from Corporate Loans

摘要： 使用联邦储备局收集的全面数据，我发现美国银行发放的公司贷款中，超过三分之一由与借款公司分开的法律实体提供完全担保。 采用考虑随时间变化的公司和贷款人效应的实证策略，我发现第三方信用担保与贷款风险、贷款利率和贷款拖欠呈负相关。 第三方信用担保缓解了信贷市场中的抵押品约束效应。 经历资产价值负面冲击的公司（尤其是小型公司）在新的借贷中更不可能使用抵押品，而更可能使用信用担保。 显示英文摘要

摘要： Using a comprehensive dataset collected by the Federal Reserve, I find that over one-third of corporate loans issued by US banks are fully guaranteed by legal entities separate from borrowing firms. Using an empirical strategy that accounts for time-varying firm and lender effects, I find that the existence of a third-party credit guarantee is negatively related to loan risk, loan rate, and loan delinquency. Third party credit guarantees alleviate the effect of collateral constraints in credit market. Firms (particularly smaller firms) that experience a negative shock to their asset values are less likely to use collateral and more likely to use credit guarantees in new borrowings.