資源描述:
《銀行資金監(jiān)管外文文獻(xiàn)翻譯》由會員上傳分享,免費在線閱讀,更多相關(guān)內(nèi)容在工程資料-天天文庫。
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