The impact of bank regulation on firms’ capital structure: Evidence from multinationals
研究了银行监管的国际差异如何影响非金融企业的资本结构，发现资本监管严格性和官方监管权力与杠杆率负相关，而对非贷款活动和金融集团的限制则正相关，高税率会缓解这些效应。
This paper examines how the capital structure of non-financial firms is affected by international variation in bank regulation. A concise model yields an estimating equation that relates a firm's capital structure to bank regulatory variables and their interactions with the tax rate reflecting the tax deductibility of interest. We identify an effect of bank regulation on leverage by considering establishments of the same multinational firm located in different countries. Our results indicate that capital regulation stringency and official supervisory power are negatively related to firm leverage, while restrictions on non-lending activities and on financial conglomerates vary positively with firm leverage. High tax rates mitigate these effects.