Should I Stay or Should I go Now? The Effect of Bank Mergers on Bank-Firm Relationships in Japan
Should I Stay or Should I go Now? The Effect of Bank Mergers on Bank-Firm Relationships in Japan
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我现在应该留下还是应该走？
DOI：
10.1057/s41302-022-00210-5
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发表时间：
2022
影响因子：
1.1
通讯作者：
H.
中科院分区：
文献类型：
--
作者：
Montgomery;H.
本研究探讨银行合并对银企关系的影响。银行合并公告增加了银行关系终止的概率。这一发现对非线性和线性概率模型分析以及对数据的审查调整都具有鲁棒性。那些在银行合并后发现其银行关系终止的公司从其前主要银行获得的贷款显著减少。健康的公司能够从其他银行获得贷款来弥补损失。然而，不健康的僵尸企业一旦失去了与主要银行的关系，信贷供应一开始就会大幅下降，而且无法从其他银行获得贷款来弥补损失，因此总借款量急剧下降。这些发现为银行持有成本和资产负债表问题提供了证据，并表明银行合并可能会缓解这些次优结果，改善资本配置。
This study investigates the effects of bank mergers on bank–firm relationships. Bank merger announcements are shown to increase the probability of bank–firm relationship termination. This finding is robust both to nonlinear and linear probability model analysis and to adjustments for censoring in the data. Those firms that find their bank relationship terminated following a bank merger experience a significant reduction in lending from their former main bank. Healthy firms are able to compensate with loans from other banks. However, unhealthy zombie firms that experience a loss of their main bank relationship experience a larger drop in credit supply to begin with and are unable to compensate for the loss with loans from other banks, so total borrowing declines precipitously. These findings provide evidence of hold-up costs and the balance sheet problem in banking and suggest that bank mergers may alleviate those sub-optimal outcomes, improving capital allocation.