The Corporate Supply of (Quasi) Safe Assets

L. Mota
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引用次数: 12

Abstract

Investors value safety services in financial assets, such as the ability to serve as a store of value, to serve as collateral, or to meet mandatory capital and liquidity requirements. I present a model in which investors value safety services not only in traditional safe assets such as US Treasuries, but also in corporate debt. Shareholders thus maximize the value of the firm by complementing standard business operations with safe asset creation. Based on this theoretical framework, I use the CDS-bond basis to derive a measurement of the safety premium of corporate bonds. I document substantial cross sectional variation in the safety premium of corporate bonds, which allows me to test the model's predictions. I show that a high safety premium leads to a marked increase in debt issuance by relatively safer firms. These debt proceeds have a small impact on real investment and are largely used instead for equity payouts. This mechanism can explain why, in the aftermath of the financial crisis, non-financial investment grade companies significantly increased their debt issuance and equity payout while investment remained weak.
公司(准)安全资产的供给
投资者重视金融资产中的安全服务,例如作为价值储存的能力,作为抵押品的能力,或满足强制性资本和流动性要求的能力。我提出了一个模型,在这个模型中,投资者不仅在美国国债等传统安全资产中评估安全服务,还在公司债务中评估安全服务。因此,股东通过安全的资产创造来补充标准的业务运作,从而使公司的价值最大化。在此理论框架的基础上,利用CDS-bond的基础推导出公司债券安全溢价的度量方法。我记录了公司债券安全溢价的大量横截面变化,这使我能够测试模型的预测。我表明,高安全溢价导致相对安全的公司发行债券的显著增加。这些债务收益对实际投资影响不大,主要用于股权支付。这一机制可以解释为什么在金融危机之后,非金融投资级公司显著增加了债券发行和股权支付,而投资仍然疲软。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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