次贷危机对印度企业融资决策和资本结构的影响:危机前后使用系统GMM方法的研究

IF 2.6 Q3 MANAGEMENT
P. Sinha, Sandeep Vodwal
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引用次数: 0

摘要

目的次贷危机(SPC)(2007-2008)严重影响了全球经济。印度经济也陷入困境,因为SPC导致外贸和投资大幅减少,汇率波动加剧,外汇储备不成比例。本文分析了印度上市公司在SPC-2008期间的融资模式。本研究旨在利用新的数据集和适当的稳健方法来确定SPC-2008对印度上市公司长期和短期融资决策的影响。设计/方法/方法该研究使用固定效应模型1阶自回归(FEM AR(1))和系统广义矩量法(GMM)对孟买证券交易所(BSE)1032家印度非金融上市公司1999年至2019年的样本数据进行分析,以分析危机期间的融资模式。研究发现,印度公司选择了去杠杆化,缩短了债务和短期借款的到期日。债务杠杆率和到期日的显著下降表明,印度公司在危机中普遍遵循融资组合的“老鼠赛跑”模式。危机发生后,这些公司重新举债,并将债务到期日延长至90%。杠杆率和成熟度的大幅扩张意味着印度企业面临“展期风险”。这种再杠杆风险在制造业和服务业企业中的分布不对称。制造企业被发现更容易受到这种风险的影响。此外,有形性、自由现金流和公司内部可用的流动性是危机期间融资决策的重要因素。研究局限性/含义该研究不包括印度的私营公司和无组织部门。此外,该研究没有分析亚洲流动性危机、信息技术泡沫危机、欧元债券危机和2019冠状病毒病(新冠肺炎)大流行等灾难。实际含义研究发现,印度公司在金融危机期间面临更高的风险,而展期风险进一步加剧了这种风险。因此,投资者和债权人应在财务决策中考虑这些额外的风险,并采取更多的预防措施。研究表明,监管机构应在贷款政策、公司重组和税收政策方面做出必要调整,以应对金融危机的威胁。社会影响印度企业应避免遵循利率竞赛融资模式。原创性/价值本研究旨在使用新颖的数据集和适当的稳健方法,确定SPC-2008对印度上市公司长期和短期融资决策的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Effect of subprime crisis on financing decisions and capital structure of Indian firms: a pre- and post- crisis study using system GMM methodology
PurposeThe subprime crisis (SPC) (2007–2008) has severely affected the economies across the globe. The Indian economy was also troubled because the SPC led to a sharp reduction in foreign trade and investment, a rise in the exchange rate volatility and disproportionate foreign-currency reserves. The present paper analyzes the financing pattern of Indian listed companies during the SPC. This study aims to ascertain the impacts of the SPC-2008 on the long-term and short-term financing decisions of Indian listed companies using novel data set and appropriate robust methodology.Design/methodology/approachThe study uses fixed effect model autoregressive of order 1 (FEM AR (1)) and system generalised method of moments (GMM) methodology on a sample data of 1,032 Indian non-financial listed companies on the Bombay Stock Exchange (BSE) for the period 1999 to 2019 to analyze the financing pattern during the crisis.FindingsThe study finds that the Indian firms opted for de-leveraging, shortening the maturity of debt and short-term borrowing. This significant decline in the leverage and maturity of debt indicates that the companies in India generally followed the “rat race” model of the financing mix in the crisis. After the crisis, the firms have re-leveraged and expanded the maturity of debt up to 90%. This considerable expansion in leverage and maturity implies that the Indian firms are exposed to the “rollover risk.” This re-leverage risk is asymmetrically distributed for manufacturing and services firms. Manufacturing firms are found to be more exposed to this risk. Furthermore, tangibility, free cash flows and the liquidity available within the firms are the compelling elements of the financing decision during the crisis.Research limitations/implicationsThe study has not included the private firms and unorganized sectors in India. Moreover, the study has not analyzed disasters such as the Asian liquidity crisis, the information technology (IT) bubble crisis, the euro bond crisis and coronavirus disease 2019 (COVID-19) pandemic.Practical implicationsThe study finds that Indian firms are exposed to higher risk during the financial crisis and this risk is further aggravated by the rollover risk. Therefore, investors and creditors should consider these additional risks in the financial decisions and take more precautions. The study suggests that the regulators should make necessary adjustments in lending policy, corporate restructuring and tax policy to deal with the menace of a financial crisis.Social implicationsIndian firms should avoid following the rate race financing model.Originality/valueThis study aims to ascertain the impacts of the SPC-2008 on the long-term and short-term financing decisions of Indian listed companies using novel data set and appropriate robust methodology.
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