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1、外文文献翻译原文及译文标题：Bankcapitalregulation,loancontracts,andcorporateinvestment作者：DiemoDietrich：AchimHauck期干ij:TheQuarterlyReviewofEconomicsandFinance，第54卷，第2期，页码230-241年份:2014原文Bankcapitalregulation,loancontracts,andcorporateinvestmentDiemoDietrich,AchimHauckAbstrac
2、tThispaperstudiesthelinkbetweenbankcapitalregulation,bankloancontractsandtheallocationofcorporateresourcesacrossfirms'differentbusinesslines・Creditriskislowerwhenfirmswritecontractsthatobligethemtoinvestmainlyintoprojectswithhighlytangibleassets.Wearguethatfir
3、mshaveanincentivetochooseacontractwithoverlysafeandthusinefficientinvestmentswhenintermediationcostsareincreasinginbanks9capital-to-assetratio・Imposingminimumcapitaladequacyforbankscaneliminatethisincentivebyputtingalowerboundonfinancingcosts・Keywords:Financia
4、lcontracting,Corporateinvestment,Assettangibility,Bankcapitalregulation1.IntroductionToobtainexternalfinanceforcorporateinvestments,non-financialfirmsoftenrelyonbanks・Thesefinancialinstitutionsarespecialintworespects・First,theyloweragencycostsassociatedwithfin
5、ancialrelationships,andthusimprovetheallocationofcapitalandrisks.Theydosobyofferingloananddepositcontracts,whichinessencerepresentsatransformationofthefinancialcontractinadirectfinancialrelationship(Diamond,1984;Diamond&Dybvig,1983).Second,banksaresubjecttospe
6、cificrulesofregulation,especiallywithrespecttobankcapital・Bothaspectshavebeensubjecttoextensiveresearchontheirown.Theirinteractions,however,arerelativelyunexplored・Theregulationliteraturetypicallyderivestheneedtoregulatebankcapitalfromagencyproblemsatthebanks'
7、level;aparticularfocusliesonbanks9incentivetotakeexcessiverisksviaassetsubstitutionandriskshifting.2Thisincentivestemsfromthedebt-likenatureofbankliabilitiesincombinationwithlimitedliability,orfromalackofmarketdisciplineduetotheexistenceofanimplicitorexplicits
8、afetynetprovidedforbanksandbankcreditors.Accordingly,thisresearchconsidersbankcapitalregulationasaninstrumenttoimprovethestabilityofbanksbyfosteringanefficientallocationofrisks,put
