銀行資金監(jiān)管外文文獻(xiàn)翻譯

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時間:2019-10-19

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1、外文文獻(xiàn)翻譯原文及譯文標(biāo)題:Bankcapitalregulation,loancontracts,andcorporateinvestment作者:DiemoDietrich:AchimHauck期干ij:TheQuarterlyReviewofEconomicsandFinance,第54卷,第2期,頁碼230-241年份:2014原文Bankcapitalregulation,loancontracts,andcorporateinvestmentDiemoDietrich,AchimHauckAbstrac

2、tThispaperstudiesthelinkbetweenbankcapitalregulation,bankloancontractsandtheallocationofcorporateresourcesacrossfirms'differentbusinesslines?Creditriskislowerwhenfirmswritecontractsthatobligethemtoinvestmainlyintoprojectswithhighlytangibleassets.Wearguethatfir

3、mshaveanincentivetochooseacontractwithoverlysafeandthusinefficientinvestmentswhenintermediationcostsareincreasinginbanks9capital-to-assetratio?Imposingminimumcapitaladequacyforbankscaneliminatethisincentivebyputtingalowerboundonfinancingcosts?Keywords:Financia

4、lcontracting,Corporateinvestment,Assettangibility,Bankcapitalregulation1.IntroductionToobtainexternalfinanceforcorporateinvestments,non-financialfirmsoftenrelyonbanks?Thesefinancialinstitutionsarespecialintworespects?First,theyloweragencycostsassociatedwithfin

5、ancialrelationships,andthusimprovetheallocationofcapitalandrisks.Theydosobyofferingloananddepositcontracts,whichinessencerepresentsatransformationofthefinancialcontractinadirectfinancialrelationship(Diamond,1984;Diamond&Dybvig,1983).Second,banksaresubjecttospe

6、cificrulesofregulation,especiallywithrespecttobankcapital?Bothaspectshavebeensubjecttoextensiveresearchontheirown.Theirinteractions,however,arerelativelyunexplored?Theregulationliteraturetypicallyderivestheneedtoregulatebankcapitalfromagencyproblemsatthebanks'

7、level;aparticularfocusliesonbanks9incentivetotakeexcessiverisksviaassetsubstitutionandriskshifting.2Thisincentivestemsfromthedebt-likenatureofbankliabilitiesincombinationwithlimitedliability,orfromalackofmarketdisciplineduetotheexistenceofanimplicitorexplicits

8、afetynetprovidedforbanksandbankcreditors.Accordingly,thisresearchconsidersbankcapitalregulationasaninstrumenttoimprovethestabilityofbanksbyfosteringanefficientallocationofrisks,put

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