This paper examines the impact of risk-sensitive Basel regulations on debt financing of firms around the world. It investigates how firms cope with the impact through adjustments to their financing sources and capital investments. We find that the implementation of Basel II regulations is associated with reduced credit availability for lower-rated firms. Such firms mitigate the shortage in bank credit through increased reliance on accounts payable, lower payouts to shareholders, and reduced capital investments. The impact of the capital regulation is lower in countries that rely on the internal ratings-based approach. The key results are robust to controls for banking crises, bank-specific controls, and the inclusion of loan-level information. The findings of this paper substantially contribute to the understanding of the real effects of risk-sensitive bank capital regulations.

本文研究了风险敏感的巴塞尔法规对全球公司债务融资的影响。它研究了企业如何通过调整其融资来源和资本投资来应对这种影响。我们发现，实施《巴塞尔协议II》法规与降低评级较低的公司的信贷可用性有关。这些公司通过增加对应付账款的依赖，减少了对股东的支付以及减少了资本投资，减轻了银行信贷的短缺。在依靠内部评级法的国家，资本监管的影响较小。关键结果对于控制银行危机，特定于银行的控制以及包括贷款级别信息具有强大的鲁棒性。