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عمومی::
تامین مالی از طریق انتشار سهام
The confidence channel captures the idea that investor confidence in the soundness of the banking system as a whole is a crucial determinant of the funding conditions faced by individual banks seeking to raise debt or equity finance from investors.
In practice, the size and direction of the effect of a move towards more equity finance on overall funding costs is likely to vary over time.
All else equal, this creates a 'tax wedge' that lowers the cost of debt finance relative to the cost of equity finance.
Finally, banks may perceive equity to be costly because of the problem of debt overhang: when a bank has excessive amounts of debt, investors may be reluctant to provide additional equity financing if a bank's assets were perceived to be of low quality.
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