信贷供给冲击:为实际增长融资还是为收购融资?

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2022-10-13 DOI:10.1093/rcfs/cfac034

Tobias Berg, D. Streitz, M. Wedow

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引用次数: 1

摘要

当财务约束放松时，企业如何投资？我们记录到，受大规模正信贷供应冲击影响的公司主要增加基于交易目的的借贷。这些经过处理的公司的资产和就业增长率更高；然而，增长完全源于收购活动的增加。公告回报表明信贷供应引发的收购活动质量较低。这些结果提供了一种可能性，即信贷驱动的增长可以简单地反映再分配，而不是资产或就业的净收益。

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Credit Supply Shocks: Financing Real Growth or Takeovers?

How do firms invest when financial constraints are relaxed? We document that firms affected by a large positive credit supply shock predominantly increase borrowing for transaction-based purposes. These treated firms have larger asset and employment growth rates; however, growth entirely stems from the increased takeover activity. Announcement returns indicate a low quality of the credit-supply-induced takeover activity. These results offer the possibility that credit-driven growth can simply reflect redistribution, rather than net gains in assets or employment.

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来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.