债权、债务能力与证券发行:来自反重构法的证据

Daniel Tut
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引用次数: 3

摘要

本文考察了债权人权益保护水平的提高对企业融资选择和证券发行的影响。为了解决这些问题,我利用了美国一些州错开采用反重新描述法律所导致的债权人权利保护的外生变化。这些法律提高了债权人在破产期间收回抵押品的能力。运用差中之差方法估计因果关系,我发现:[1]这些规律与债务能力和债务期限呈正相关。企业增加市场杠杆,从成本高昂的短期债务融资转向长期债务融资[2],这些规律与债务发行呈正相关[3],这些规律与股权发行负相关。我的分析进一步表明,主动证券发行人比被动证券发行人对采用反重新描述法的反应明显更强
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Creditor Rights, Debt Capacity and Securities Issuance: Evidence from Anti-Recharacterization Laws
This paper examines the effects of improvement in creditors’ rights protection on firms’ financing choices and securities issuance. To address these issues, I exploit exogenous variation in creditors’ rights protection induced by the staggered adoption of anti-recharacterization laws by some U.S. states. The laws enhance the ability of creditors to repossess collateral during bankruptcy. Using a difference-in-difference methodology to estimate the causal impacts, I find that: [1] the laws are positively related to debt capacity and debt maturity. Firms increase market leverage and substitute away from costly short-term debt financing into long-term debt financing [2] the laws are positively related to debt issuance [3] the laws are negatively related to equity issuance. My analysis further demonstrates that proactive securities issuers are significantly more responsive to the adoption of anti-recharacterization laws than passive securities issuers
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