企业从债券中获利，但不从贷款中获利

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-04-12 DOI:10.1016/j.jcorpfin.2025.102781

Paolo Colla , Florian Nagler

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引用次数: 0

摘要

我们实证研究了企业从债券和贷款中储蓄的倾向。我们的研究结果表明，企业通过债券借入的每一美元中约有14美分是储蓄的，而他们没有通过贷款表现出类似的储蓄行为。随着时间的推移，从债券中储蓄是普遍存在的，在横截面上，质押性是这种行为的关键驱动因素。具体来说，我们发现较低的资产有形性和较短的资产期限与债券借款的储蓄率大幅增加有关。我们表明，我们的结果符合一个包含外部融资摩擦和代价高昂的违约的模型。

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Firms save from bonds but not from loans

We empirically study the corporate propensity to save from bonds versus loans. Our findings indicate that firms save approximately 14 cents of every dollar borrowed through bonds, while they do not exhibit similar savings behavior with loans. Saving from bonds is pervasive over time, and in the cross-section pledgeability is a key driver of this behavior. Specifically, we find that lower asset tangibility and shorter asset maturities are linked to substantial increases in saving rates from bond borrowings. We show that our results align with a model that incorporates external financing frictions and costly default.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.