欧洲央行-银行业危机中的股权融资_来自私营企业的证据（英）-2025.1_34页_2mb

ECB Lamfalussy Fellowship Programme Summary

This working paper analyzes the role of private firms' external equity as a substitute for debt financing during a banking crisis, using data from German companies during the Great Financial Crisis.

The study focuses on an exogenous lending cut by Commerzbank, a large German bank, exploiting the shock from its international portfolio losses to estimate causal effects. Key findings include:

• For every €1 reduction in financial debt, private firms in Germany received €0.27 in external equity funds on average, indicating partial substitution.
• External equity injections were more frequent and larger for firms highly dependent on Commerzbank.
• Source analysis shows that 40% of equity funds came from new owners, while 60% from existing owners.
• The results suggest multiple financing sources are crucial for firm resilience and highlight the need to incorporate equity financing in macroeconomic models.

Methodology involves firm-level data from Orbis Historical and a regression specification with fixed effects to control firm characteristics.