全球金融危机、银行监管和企业融资模式

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2022-05-10 DOI:10.1111/irfi.12381

Ali Gungoraydinoglu, Özde Öztekin

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引用次数: 0

摘要

本研究考察了1987年至2017年期间85个国家企业在金融危机期间的融资行为。将“金融周期性”衡量为正常时期和金融危机时期融资水平之间的差异，我们记录了杠杆的反周期性和证券发行和债务期限的顺周期性。金融危机阻碍了债务和股权的发行，股权的下降幅度更大，杠杆率上升，债务期限缩短。在银行贷款供应大幅收缩的危机期间，公共债务市场在一定程度上起到了备用轮胎的作用。杠杆金融逆周期效应在银行监管较弱的国家更为明显。

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Financial crises, banking regulations, and corporate financing patterns around the world

This study examines financing behavior during financial crises in an international sample of corporate firms including 85 countries from 1987 to 2017. Measuring “financial cyclicality” as the difference between financing levels during normal times and financial crisis times, we document counter-cyclicality in leverage and pro-cyclicality in security issuances and debt maturity. Financial crises discourage both debt and equity issuances, with a greater decline in equity, leverage increases, and debt maturity decreases. Public debt markets partially act as spare tire during crises when bank loan supply contracts significantly. Leverage financial counter-cyclicality is more pronounced in countries with weaker banking regulations.

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.