企业税制变化与信贷成本

摘要

We examine changes in the state corporate tax rate across the U.S. and their implications on the pricing and quantity of loans. We find that the cost of credit decreases by approximately 10 basis points following a tax cut. When we account for the magnitude of tax changes, a one‐percentage‐point tax cut (hike) is associated with a 10.5 (9.2) basis‐point decrease (increase) in loan spreads. Our findings mainly originate from the demand side: large firms are able to mitigate the effects of tax increases, while less profitable firms experience larger reductions in borrowing costs following tax cuts. The effect on the equilibrium loan amount is statistically and economically insignificant, consistent with a weak supply effect and an inelastic loan supply curve.