Bank‐level and country‐level determinants of bank capital structure and funding sources
研究了1998至2016年间57个国家347家大型银行的资本结构决定因素，发现市场力量与资本监管共同影响银行杠杆，且银行资本结构符合公司金融理论和缓冲观点。
Abstract We examine the determinants of capital structure and funding sources of 347 large global banks between 1998 and 2016 from 57 countries around the world. We find that the capital structure of banks does not evolve only as a result of capital regulations, it is also affected by market forces. We find that bank capital structure corresponds to corporate finance theory and buffer view and, in particular, that market‐to‐book ratio, size, and risk are positively related and that profitability is negatively related to bank leverage. Banks in countries with higher tax advantages, creditor rights, deposit insurance, and bankruptcy codes have more leverage, and those bound by common law have less leverage. Size and country‐level factors are important determinants of sources of financing.