信息不对称与私募债务定价

Kilian Dinkelaker, Andreas Mattig, Stefan Morkoetter
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引用次数: 0

摘要

基于包含1999年至2016年间全球发行的11,636笔私人债券配售的数据集,我们研究了借款人-贷款人信息不对称与发行人债务成本之间的关系。我们观察到,由于私人或未评级公司的信息不对称与更高的私人债务成本相关。我们的研究结果同样为企业融资决策和旨在促进私人债务市场以扩大私营部门资金来源的政府举措提供参考。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Information Asymmetry and the Pricing of Privately Placed Debt

Based on a dataset including 11,636 private debt placements issued globally between 1999 and 2016, we investigate the association between borrower-lender information asymmetry and the cost of debt for issuers. We observe that information asymmetry due to being a private or unrated firm is associated with higher cost of private debt. Our results equally inform corporate financing decisions and government initiatives aimed at promoting private debt markets in order to expand funding sources for the private sector.
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