本文以跨國上市公司為樣本，探討銀行危機對企業加價率（markup）之影響，並進一步分析銀行依賴程度與制度環境在其中所扮演之角色。研究樣本涵蓋 1990 至 2011 年間 20 個曾發生系統性銀行危機之國家，共計超過 2,000 家企業與 12,700 筆企業－年份觀察值。
實證結果顯示，銀行危機對企業加價率之平均影響雖為正向，但未達統計顯著；然而，當進一步考量銀行依賴程度後，高銀行依賴企業於銀行危機期間會顯著提高加價率，顯示企業可能透過價格調整以因應融資壓力與穩定現金流。此外，本文進一步發現市場競爭程度會影響企業之價格調整能力。在市場進入障礙較低、競爭程度較高之國家中，高銀行依賴企業較難透過提高加價率來因應銀行危機，顯示制度環境對企業定價策略具有調節效果。
整體而言，本文結果支持融資限制會影響企業價格決策之觀點，並指出制度環境與市場競爭程度將進一步影響企業於銀行危機期間之價格調整能力。

This study investigates the impact of banking crises on firm markups using a cross-country sample of publicly listed manufacturing firms, and further examines the roles of financial dependence and institutional environment in shaping firms’ pricing behavior. The sample covers 20 countries that experienced systemic banking crises during the period from 1990 to 2011, comprising more than 2,000 firms and approximately 12,700 firm-year observations.
The empirical results show that the average effect of banking crises on firm markups is positive but statistically insignificant. However, after accounting for heterogeneity in firms’ dependence on bank financing, highly bank-dependent firms significantly increase their markups during banking crises, suggesting that firms may adjust prices in response to financing pressure and liquidity needs. In addition, the study finds that market competition influences firms’ pricing adjustment ability. In countries with lower entry barriers and more competitive market environments, highly bank-dependent firms are less able to raise markups during banking crises, indicating that institutional environment plays an important moderating role in firms’ pricing strategies.
Overall, the findings support the view that financial constraints affect firms’ pricing decisions and further suggest that institutional environment and market competition shape firms’ pricing behavior during banking crises.

Balduzzi, P., Brancati, E., Brianti, M., and Schiantarelli, F. (2024). Credit constraints and firms’ decisions: Lessons from the COVID-19 outbreak. Journal of Monetary Economics, 142, 103519. Journal of Monetary Economics 142:103519

Balleer, A., Hristov, N., and Menno, D. (2017). Financial constraints and nominal price rigidities (No. 6309). CESifo Working Paper.

Bernanke, B. S. (1983). Non-monetary effects of the financial crisis in the propagation of the Great Depression (No. w1054). National Bureau of Economic Research.

Bils, M. (1989). Pricing in a customer market. The Quarterly Journal of Economics, 104(4), 699-718.

Blanchard, O. J., and Kiyotaki, N. (1987). Monopolistic competition and the effects of aggregate demand. The american economic review, 647-666.

Chevalier, J. A., and Scharfstein, D. S. (1994). Capital market imperfections and countercyclical markups: Theory and evidence.

Dell'Ariccia, G., Detragiache, E., and Rajan, R. (2008). The real effect of banking crises. Journal of Financial Intermediation, 17(1), 89-112.

De Loecker, J., and Eeckhout, J. (2018). Global market power (No. w24768). National Bureau of Economic Research.

De Loecker, J., Eeckhout, J., and Unger, G. (2020). The rise of market power and the macroeconomic implications. The Quarterly journal of economics, 135(2), 561-644.

Djankov, S., La Porta, R., Lopez-de-Silanes, F., 1nd Shleifer, A. (2002). The regulation of entry. The quarterly Journal of economics, 117(1), 1-37.

Djankov, S., La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. (2008). The law and economics of self-dealing. Journal of financial economics, 88(3), 430-465.

Dotsey, M., King, R. G., and Wolman, A. L. (1999). State-dependent pricing and the general equilibrium dynamics of money and output. The Quarterly Journal of Economics, 114(2), 655-690.

Duca, I., Montero, J. M., Riggi, M., and Zizza, R. (2017). I will survive. Pricing strategies of financially distressed firms. Pricing Strategies of Financially Distressed Firms (March 28, 2017). Bank of Italy Temi di Discussione (Working Paper) No, 1106.

Gilchrist, S., Schoenle, R., Sim, J., and Zakrajšek, E. (2017). Inflation dynamics during the financial crisis. American Economic Review, 107(3), 785-823.

Klemperer, P. (1987). Markets with consumer switching costs. The quarterly journal of economics, 102(2), 375-394.

Laeven, M. L., and Valencia, M. F. (2012). Systemic banking crises database: An update. International Monetary Fund.

Levine, R., Lin, C., and Xie, W. (2016). Spare tire? Stock markets, banking crises, and economic recoveries. Journal of Financial Economics, 120(1), 81-101.

Levine, R., Lin, C., and Xie, W. (2018). Corporate resilience to banking crises: The roles of trust and trade credit. Journal of Financial and Quantitative Analysis, 53(4), 1441-1477.

Loecker, J. D., and Warzynski, F. (2012). Markups and firm-level export status. American Economic Review, 102(6), 2437-2471.

Mankiw, N. G. (1985). Small menu costs and large business cycles: A macroeconomic model of monopoly. The Quarterly Journal of Economics, 100(2), 529-538.

Meinen, P., and Soares, A. C. (2022). Markups and financial shocks. The Economic Journal, 132(647), 2471-2499.

Montero, J. M., and Urtasun, A. (2014). Price-cost mark-ups in the Spanish economy: a microeconomic perspective.

Montero, J. M. (2017). Pricing decisions under financial frictions: evidence from the WDN survey.

Nakamura, E., and Steinsson, J. (2008). Five facts about prices: A reevaluation of menu cost models. The Quarterly Journal of Economics, 123(4), 1415-1464.

Phelps, E. S., and Winter, S. G. (1970). Optimal price policy under atomistic competition. Microeconomic foundations of employment and inflation theory, 309-337.

Rotemberg, J. J., and Woodford, M. (1999). The cyclical behavior of prices and costs. Handbook of macroeconomics, 1, 1051-1135.