Panel  1  of  Table  1  provides  characteristics  for  firms  that  issue  bank  loans compared to those that issue corporate bonds. In general, firms that use bank loans are smaller and less leveraged, have a higher market-to-book ratio, and have fewer tangible assets. In addition, firms that use bank loans are less likely to have a credit rating, and those that do, have lower credit ratings. Although firms that use bank loans do not have higher dedicated ownership relative to bond issuers, inferences are more  appropriately made from the multivariate framework. Table 1 also shows firm characteristics based on the quintiles of dedicated ownership for firms that borrow from banks (Panel 2) and firms that issue bonds (Panel 3).  In both samples, firm size and dedicated ownership have a non-linear relation, with firms in the bottom quintile being the smallest. Some other firm characteristics also exhibit a non-linear relation,  e.g., market-to-book ratio and credit rating.

表1的1分表列出了发行银行贷款的公司与发行公司债券的公司的不同特点。北京英语翻译总的来说，使用银行贷款的公司规模越小、受杠杆作用的影响也越小、市价对帐面价值比率越高、有形资产越少。另一方面，使用银行贷款的公司很少具有信用等级，即使有的话等级也较低。虽然使用银行贷款的公司与债券发行者相比专一所有权确实较高，但更适合由多元框架得出推论。表1还显示出根据从银行借款的公司（2分表）与发行债券的公司（3分表）的五分位专一所有权总结出来的公司特点。在这两个示例中，公司的规模与专一所有权存在非线性关系，位于底五分位的公司规模最小。某些其它公司特点——例如，市价对帐面价值比率和信用等级，也显示出非线性关系。北京日语翻译