The Effects of Banking Mergers on Loan Contracts
研究银行合并如何影响企业借款人的贷款合同，发现合并后若收购小市场份额银行，利率下降，但随被收购银行市场份额增加，效率效应被市场力量抵消，且合并减少对小借款人的贷款供给。
ABSTRACT This paper studies the effects of banking mergers on individual business borrowers. Using information on individual loan contracts between banks and companies, I analyze the effect of banking consolidation on banks' credit policies. I find that inmarket mergers benefit borrowers if these mergers involve the acquisition of banks with small market shares. Interest rates charged by the consolidated banks decrease, but as the local market share of the acquired bank increases, the efficiency effect is offset by market power. Mergers have different distributional effects across borrowers. When banks become larger, they reduce the supply of loans to small borrowers.