债券市场刺激：企业层面的证据

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2025-04-01 DOI:10.1016/j.jmoneco.2024.103728

Olivier Darmouni , Kerry Y. Siani

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引用次数: 0

摘要

央行的资产购买如何传导到实体经济？利用企业资产负债表上的微观数据，我们研究了2020年对公司债券市场实施前所未有的政策支持后的企业行为。随着债券收益率的下降，企业发行债券以积累大量持续的流动资产。对实际投资的影响普遍较弱：许多发行人已经获得了银行流动性，并维持了股本支出，而其他发行人则利用债券基金偿还银行债务。这一证据揭示了企业流动性和金融异质性对宏观经济和非常规货币政策传导的影响。

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Bond market stimulus: Firm-level evidence

How do asset purchases by central banks transmit to the real economy? Using micro-data on corporate balance sheets, we study firm behavior after the unprecedented policy support to corporate bond markets in 2020. As bond yields fell, firms issued bonds to accumulate large and persistent amounts of liquid assets. The effect on real investment was generally weak: many issuers already had access to bank liquidity and maintained equity payouts, while others used bond funds to pay back bank debt. This evidence sheds light on how corporate liquidity and financial heterogeneity matter for the macro-economy and the transmission of unconventional monetary policy.

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.