We empirically investigate the effect of financial institution-targeted macroprudential policies on firms using a comprehensive macroprudential policy dataset and corporate panel data across 35 countries. We find that tightening of macroprudential measures persistently curbs the leverage of firms, while loosening is related to the increase in leverage. We also find that this effect on leverage is heterogeneous across firms, as net macroprudential policy actions reduce the procyclicality of leverage more significantly for small firms and firms with high leverage. Also, we estimate the effect of macroprudential policies on firm value to evaluate potential policy trade-offs as the policies restrict the firms' access to credit during economic booms while protecting them from future financial crises. The effect of macroprudential policies on firm value is generally positive despite the policies' restrictive nature. Further, the effect on firm value is heterogeneous depending on firm characteristics: the positive effect becomes stronger as firms are less leveraged, but this positive effect is weaker for firms that grow faster, suggesting potential costs of macroprudential policies for these firms.

我们使用 35 个国家/地区的综合宏观审慎政策数据集和企业面板数据，实证研究了以金融机构为目标的宏观审慎政策对企业的影响。我们发现宏观审慎措施的收紧会持续抑制企业的杠杆率，而放松则与杠杆率的增加有关。我们还发现，这种对杠杆的影响在不同公司之间是不同的，因为净宏观审慎政策行动对小公司和高杠杆公司更显着地降低了杠杆的顺周期性。此外，我们估计宏观审慎政策对公司价值的影响，以评估潜在的政策权衡，因为这些政策限制了公司在经济繁荣期间获得信贷，同时保护它们免受未来金融危机的影响。尽管政策具有限制性，但宏观审慎政策对公司价值的影响总体上是积极的。此外，对公司价值的影响因公司特征而异：积极影响随着公司杠杆率的降低而增强，但对于增长较快的公司而言，这种积极影响较弱，这表明宏观审慎政策对这些公司的潜在成本。