Eliminating the Tax Shield through Allowance for Corporate Equity: Cross‐Border Credit Supply Effects
利用比利时引入股权津贴（ACE）的自然实验，研究消除公司税对银行杠杆的偏向如何影响银行的跨境信贷供给，发现受影响的银行增加了跨境银团贷款份额，且贷款利率降低20-50个基点。
Abstract This paper studies how the elimination of the corporate tax bias on bank leverage affects banks' credit provisioning using a quasi‐natural experiment, the introduction of an allowance for corporate equity (ACE) in Belgium. We find that affected banks increased their contribution within cross‐border syndicated loan facilities relative to other foreign banks, and that this effect was stronger for relatively safe borrowers. We estimate that Belgian bank‐led loans had on average 20–50 basis points lower spreads when ACE was in effect. Finally, our results suggest a relatively large, positive credit supply effect domestically.