Bank Loan Supply, Lender Choice, and Corporate Capital Structure
利用1961年存单市场兴起和1966年信贷紧缩两个事件，研究银行资金约束变化如何影响企业资本结构，发现依赖银行的企业杠杆率随贷款供给变化而显著调整，而能进入债券市场的企业则不受影响。
ABSTRACT This paper explores the relevance of capital market supply frictions for corporate capital structure decisions. To identify this relationship, I study the effect on firms' financial structures of two changes in bank funding constraints: the 1961 emergence of the market for certificates of deposit, and the 1966 Credit Crunch. Following an expansion (contraction) in the availability of bank loans, leverage ratios of bank‐dependent firms significantly increase (decrease) relative to firms with bond market access. Concurrent changes in the composition of financing sources lend further support to the role of credit supply and debt market segmentation in capital structure choice.