The impact of credit reforms on bank loans and firm leverage around the world
研究2004至2019年全球银行和企业数据，发现信息共享改革增加银行贷款，改善企业债务融资，尤其在债权人权利弱的国家；法律权利改革在新兴国家提升企业贷款，在发达国家增强债务融资。
Abstract This study examines how credit reforms impact commercial bank loans and nonfinancial firms' debt. Using two international samples for commercial banks and nonfinancial firms from 2004 to 2019, we find that global information‐sharing reforms encourage banks to increase corporate loans, thus improving firm debt financing, particularly in countries with weak creditor rights. Legal rights reforms significantly boost corporate bank loans in emerging countries and enhance firms' debt financing in developed countries. Our findings suggest credit reforms positively impact firms' financing; however, their effects on debt financing supply and demand vary by economic development level and the strength of creditor rights.