Bank Competition and Leverage Adjustments
利用中国跨省跨年的银行集中度数据，研究发现银行竞争越激烈，低杠杆企业向目标杠杆调整的速度越快，且对小企业和非国有企业影响更显著。
Abstract We test whether bank competition affects firms’ leverage adjustment speeds. Using Chinese data where bank concentration varies across both years and provinces, we find that underlevered firms move to their target leverage faster when bank competition is high. Tests surrounding an exogenous shock to bank competition lead to the same conclusion. We also find that small firms and nonstate‐owned firms exhibit faster leverage adjustments when bank competition is high, which is consistent with the conjecture that bank risk taking increases with competition.