文献类型： 外文期刊
作者： Jiang, Tianjiao 1 ; Levine, Ross 2 ; Lin, Chen 3 ; Wei, Lai 4 ;
作者机构： 1.Hang Seng Bank, Global Banking & Markets, Hong Kong, Peoples R China
2.Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA
3.Univ Hong Kong, Fac Business & Econ, Hong Kong, Peoples R China
4.Lingnan Univ, Dept Finance & Insurance, Hong Kong, Peoples R China
关键词： Financial risk; Banks; Regulation
期刊名称：JOURNAL OF CORPORATE FINANCE （ 影响因子：6.1； 五年影响因子：6.9 ）
ISSN： 0929-1199
年卷期： 2020 年 60 卷
页码：
收录情况： SCI
摘要： Although research shows that competitive banks spur corporate growth, less is known about the impact of bank competition on corporate risk. Using a sample of more than 70,000 firm-year observations covering the period from 1975 through 1994, we find that deregulation that intensified competition among banks materially reduced corporate risk, especially among firms that rely heavily on bank finance. We find that competition-enhancing bank deregulation reduced corporate volatility by easing credit constraints when firms experience adverse shocks and reducing the procyclicality of borrowing.
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