公司债务悬置的成本

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation Pub Date : 2024-10-01 DOI:10.1016/j.jfi.2024.101118

Kristian Blickle , João A.C. Santos

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引用次数: 0

摘要

我们利用丰富的美国数据表明，债务悬置大大降低了企业的资产、资本支出和员工增长。我们表明，这些收缩很可能是由企业决策驱动的，而不是信贷限制或投资机会变化的结果。我们对悬置的衡量标准--负债与现金流的比率--与传统理论相一致，侧重于企业偿债能力的重要性。它进一步使我们能够利用 COVID-19 冲击这一准自然实验来证实悬置对企业投资和增长的影响。

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The costs of corporate debt overhang

We make use of rich U.S. data to show that debt overhang significantly reduces firm asset-, capex-, and employee-growth. We show these contractions are likely driven by firm decisions as opposed to the result of credit constraints or changes in investment opportunities. Our measure of overhang – liabilities to cash flow — aligns with traditional theory and focuses on the importance of a firm’s debt servicing capacity. It further allows us to capitalize on the COVID-19 shock as a quasi-natural experiment to confirm the impact of overhang on firm investment and growth.

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来源期刊

Journal of Financial Intermediation BUSINESS, FINANCE-

CiteScore

8.60

自引率

7.70%

发文量

期刊介绍： The Journal of Financial Intermediation seeks to publish research in the broad areas of financial intermediation, financial market structure, corporate finance, risk management, and valuation.