This paper uses a panel database for 84 countries over the 2002–2017 period to analyze the importance of bank development and bank market competition for enhancing new business creation. The results show that less bank market competition facilitates the creation of new businesses. Bank development, however, is not associated with a higher entry rate of new businesses. Less bank market competition and lending relationships appear to be a main channel for reducing the cost of debt and overcoming traditional adverse selection and moral hazard problems between banks and newly created firms. The global financial crisis did not modify the positive effect of less bank market competition on new firm registration. The results are robust to controls for equity market development, the ability of banks to hold equity positions in nonfinancial firms, the costs and days required for starting a business, and any other omitted time-invariant variables at country level.

本文使用2002-2017年期间84个国家/地区的面板数据库来分析银行发展和银行市场竞争对增强新业务创造的重要性。结果表明，较少的银行市场竞争促进了新业务的创建。但是，银行的发展与新业务的较高进入率无关。减少银行市场竞争和借贷关系似乎是减少债务成本并克服银行与新成立的公司之间传统的逆向选择和道德风险问题的主要渠道。全球金融危机并未改变减少银行市场竞争对新公司注册的积极影响。结果对于控制股票市场发展，银行在非金融公司中持有股票头寸的能力，