Taxing Bank Leverage: The Effects on Bank Portfolio Allocation

Claire Célérier, Thomas K. Kick, S. Ongena
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引用次数: 14

Abstract

We explore the effect of tax reforms that decrease the cost of equity on bank lending. In 2000 and 2006, Italy and Belgium, respectively, introduced an allowance for corporate equity so that both firms and banks could deduct a notional interest on their equity from their taxable income. Because local firms were also affected by these reforms, we employ loan level data from a credit register in a third-country, i.e., Germany, to better identify the differential impact on lending by banks that were 'treated' by these tax reforms versus a control group of banks that were not. We find that the decrease in the cost of equity leads banks to raise their equity ratio, and to concurrently expand their balance sheet by increasing the amount of credit supplied in Germany. Conversely, the reversal of these reforms leads to a decrease in lending.
征税银行杠杆:对银行投资组合配置的影响
我们探讨了税收改革降低股权成本对银行贷款的影响。2000年和2006年,意大利和比利时分别引入了公司股本免税额,这样公司和银行就可以从应税收入中扣除其股本的名义利息。由于当地企业也受到这些改革的影响,我们采用了来自第三国(即德国)信用登记册的贷款水平数据,以更好地确定受到这些税收改革“待遇”的银行与未受到税收改革待遇的对照组银行对贷款的差异影响。我们发现,权益成本的下降导致银行提高其权益比率,同时通过增加德国的信贷供应量来扩大其资产负债表。相反,这些改革的逆转会导致贷款减少。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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