中文摘要
在许多经济体中,仅拥有一家银行关系的企业构成了企业的大多数。本文考察,与文献所聚焦的多银行企业相比,政策驱动的信贷是否会差异化地传导至单一银行企业。利用欧洲央行 (ECB) 超长期再融资操作 (VLTROs) 带来的独特变异——这些操作在银行内部随信用评级对向企业发放的贷款产生非连续性影响——我们发现 VLTRO 流动性对单一银行企业存在选择性传导。银行对单一银行企业实施更高的信贷标准,银行关系同时决定了新增放贷与放贷期限。相比之下,银行对多银行企业的政策驱动信贷传导似乎近乎均一。
Abstract
Firms with only one bank relationship make up the majority of firms in many economies. This paper explores whether policy-driven lending is differentially transmitted to single-bank firms in comparison with the multibank firms that are the focus of the literature. Using unique variation in the ECB’s very long-term refinancing operations (VLTROs), which affected lending to firms discontinuously across credit ratings but within banks, we find selective transmission of VLTRO liquidity to single-bank firms. Banks apply higher lending standards to single-bank firms, with banking relationships determining both new lending and lending maturity. By contrast, banks appear to transmit policy lending near-uniformly across multibank firms.