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Lending Relationships in Germany: Empirical Results from Survey Data Author info | Abstract | Publisher info | Download info | Related research | Statistics Dietmar Harhoff
Timm Körting
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We examine empirically the role of lending relationships in determining the collateral requirements, costs and availability of external funding. The data originate from a recently concluded survey of small and medium-sized German firms. In our descriptive analysis, we explore the borrowing patterns and the concentration of borrowing from financial institutions. Using data on line of credit (L/C) interest rates, collateral requirements, and the firms’ use of fast payment discounts we find that relationship variables may have some bearing on the price of external funds, but much more so on loan collateralization and availability. Firms in financial distress face comparatively high L/C interest rates and reduced credit availability. ZUSAMMENFASSUNG - (Kreditbeziehungen in Deutschland: Empirische Ergebnisse einer Unternehmensbefragung) Unter Verwendung eines für Deutschland einzigartigen Querschnittsdatensatzes untersuchen wir in diesem Papier empirisch den Einfluß von Bankbeziehungen auf die Kosten und die Verfügbarkeit von Bankkrediten. Die Daten wurden im Jahre 1997 bei 1509 kleinen und mittleren Unternehmen (KMU) erhoben. In einer ersten deskriptiven Analyse werden Finanzierungsmuster und Verschuldungskonzentration dargestellt. Detaillierte Angaben zu Kontokorrent- und Lieferantenkrediten ermöglichen es uns, in einer mikroökonomischen Analyse die Einflußfaktoren auf die Kosten und die Verfügbarkeit von Krediten zu bestimmen. Demnach scheinen Bankbeziehungen einen wesentlich stärkeren Einfluß auf die Verfügbarkeit als auf die Preisgestaltung von Krediten zu haben. Außerdem führen finanzielle Schwierigkeiten eines Unternehmens zu einer Verteuerung von Kontokorrentkrediten und einer sinkenden Kreditverfügbarkeit.
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Paper provided by Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG) in its series CIG Working Papers with number
FS IV 98-06.
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Length: 48 pages
Date of creation: Jun 1998Date of revision:
Publication status: Published in the Journal of Banking and Finance , Vol. 22(10-11), October 1998, pp. 1317-1353.Handle: RePEc:wzb:wzebiv:fsiv98-6Contact details of provider: Postal: Reichpietschufer 50, 10785 Berlin, Germany Phone: (++49)(30) 25491-441 Fax: (++49)(30) 25491-442 Web page: http://www.wzb.eu/mp/wiw/default.en.htm More information through EDIRC
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