CAJ | 학술논문

本文基于36国企业调查数据和24国上市公司数据，运用Probit模型和工具变量回归，研究了银行集中度对金融危机后企业信贷紧缩的影响。结果表明，银行集中度越高，小企业出现信贷增长的概率越低，信贷紧缩的幅度越大，而大企业恰好相反。并且，银行集中度越高，大企业股价下跌幅度越小。上述结果在排除金融危机原发国的样本中保持稳健。本文为各国结合自身银行业结构，针对不同企业采取不同的危机缓解措施，提供了启示。
본문기우36국기업조사수거화24국상시공사수거，운용Probit모형화공구변량회귀，연구료은행집중도대금융위궤후기업신대긴축적영향。결과표명，은행집중도월고，소기업출현신대증장적개솔월저，신대긴축적폭도월대，이대기업흡호상반。병차，은행집중도월고，대기업고개하질폭도월소。상술결과재배제금융위궤원발국적양본중보지은건。본문위각국결합자신은행업결구，침대불동기업채취불동적위궤완해조시，제공료계시。
Based on 36 countries＇ firm - level survey and 24 countries＇ data about listed firms, this paper inves- tigates the effects of bank concentration on firms＇ credit crunch after financial crisis, using Probit model and IV methods. We show that in terms of both probability and magnitude of credit growth, bank concentration＇s im- pacts on small firms are negative. The opposite applies to large firms. Moreover, there exists a positive link be- tween bank concentration and change of stock price, which provides complementary evidence for above relation- ship. These results remain robust in the sample with exclusion of core countries in which the financial crisis broke out. The paper highlights the importance of discretionary policy for different types of firms with considera- tions of a country＇s specific bank market structure.