Over recent years stricter EU capital requirements have resulted in constraining bank lending to SMEs. Alternative finance is expected to ease such constraints, but what would it be its impact on bank fragility? This paper examines whether alternative finance for Small and Medium Enterprises (SMEs) in the euro area would moderate bank fragility. We employ a bank profit model from which we derive a novel measure of bank fragility that is based on micro-foundations and is estimated in a single stage with Bayesian techniques. Controlling for many bank and firm specific variables, including bank capital adequacy ratios and volatility, we find that alternative finance overall strengthens bank stability, but that there is some variability in this impact over time and across countries. Interestingly, while higher bank capital adequacy ratios at times may even increase fragility, their interactions with alternative finance could help reduce it.

近年来，更严格的欧盟资本要求已导致银行对中小企业的贷款受到限制。替代金融有望缓解这种限制，但是它将对银行的脆弱性产生什么影响？本文研究了欧元区中小型企业（SME）的替代金融是否会缓解银行的脆弱性。我们采用银行利润模型，从中得出基于微观基础的新颖的银行脆弱性度量，并使用贝叶斯技术在单个阶​​段中对其进行估算。通过控制许多银行和公司的特定变量，包括银行资本充足率和波动性，我们发现替代金融总体上增强了银行的稳定性，但是这种影响随着时间的推移以及在不同国家之间存在一定的可变性。有趣的是，