The Review of Financial Studies, Volume 31, Issue 8, 1 August 2018

欧洲主权债务危机的实际影响：来自银团贷款的证据

作者：Viral Acharya (Reserve Bank of India), Tim Eisert (Erasmus University Rotterdam),

Christian Eufinger (IESE Business School),Christian Hirsch (Deutsche Bundesbank)

摘要：我们探讨了欧洲主权债务危机期间信贷紧缩的原因及其对欧洲公司的企业政策的影响。我们的研究结果表明，银行对主权债务敞口的价值减值以及弱资本化银行的风险转移行为使公司获得新银团贷款的可能性下降53%。贷款收缩抑制了与银行相关联的公司的投资、就业和销售增长。我们基于公司层面数据的估计表明，信贷紧缩解释了欧洲公司所遭受的整体负面实际影响的44％至66％。

Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans

Viral Acharya (Reserve Bank of India), Tim Eisert (Erasmus University Rotterdam), hristian Eufinger (IESE Business School), Christian Hirsch (Deutsche Bundesbank)

ABSTRACT

We explore the causes of the credit crunch during the European sovereign debt crisis and its impact on the corporate policies of European firms. Our results show that value impairment in banks’ exposures to sovereign debt and the risk-shifting behavior of weakly capitalized banks reduced the probability of firms being granted new syndicated loans by up to 53%. This lending contraction depressed investment, employment, and sales growth of firms affiliated with affected banks. Our estimates based on firm-level data suggest that the credit crunch explains between 44% and 66% of the overall negative real effects suffered by European firms.

原文链接：https://doi.org/10.1093/rfs/hhy045

翻译：吕越