Banks Response to Higher Capital Requirements: Evidence from a Quasi-Natural Experiment
利用2011年欧洲银行管理局资本要求的准自然实验，研究发现银行通过减少风险加权资产而非提高股本来满足资本要求，并因此减少对企业与零售客户的贷款，进而影响企业的资产、投资和销售增长。
We study the impact of higher capital requirements on banks’ balance sheets and their transmission to the real economy. The 2011 EBA capital exercise is an almost ideal quasi-natural experiment to identify this impact with a difference-in-differences matching estimator. We find that treated banks increase their capital ratios by reducing their risk-weighted assets, not by raising their levels of equity, consistent with debt overhang. Banks reduce lending to corporate and retail customers, resulting in lower asset, investment, and sales growth for firms obtaining a larger share of their bank credit from the treated banks. Received November 28, 2016; editorial decision March 9, 2018 by Editor Philip Strahan. Authors have furnished an Internet Appendix, which are available on the Oxford University Press Web site next to the link to the final published paper online.