Banking liberalization and firms' debt structure: International evidence
Banking liberalization and firms' debt structure: International evidence
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银行自由化和企业债务结构：国际证据
DOI：
10.1016/j.iref.2013.07.008
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发表时间：
2014
影响因子：
4.5
通讯作者：
F. González
中科院分区：
文献类型：
--
作者：
Víctor M. González;F. González
本文以37个发达国家和发展中国家的企业为样本，分析了银行业自由化对债务结构的影响。银行业自由化增加了平均债务可得性，并缩短了其期限。在监管更强、对债权人和产权保护较低的国家，债务可得性增加。发达国家的债务期限缩短幅度更大。银行自由化的影响也因公司规模而异。发达国家的小公司和发展中国家的大公司从银行自由化中受益最少。
This paper analyzes the effect of banking liberalization on debt structure in a sample of firms in 37 developed and developing countries. Banking liberalization increases on average debt availability and reduces its maturity. Debt availability increases in countries with stronger supervision and lower protection of creditor and property rights. The reduction in debt maturity is greater in developed countries. The effect of banking liberalization also varies across firm size. Small firms in developed countries and large firms in developing countries benefit least from banking liberalization.