企业债务积压和新兴经济体的投资:公司层面的证据

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2020-10-28 DOI:10.1111/infi.12382

Eduardo Borensztein, Lei Sandy Ye

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引用次数: 5

摘要

本文在大型新兴市场和发展中经济体的横截面上，实证研究了企业债务过剩与企业投资活动之间的联系。它分析了使未来利润面临风险的高水平债务可能在多大程度上阻碍投资，以及可能加强债务与投资联系的公司层面。该分析使用了大量新兴市场和发展中经济体企业的资产负债表数据，表明企业债务过剩对企业层面的投资产生了相当大的影响。这种联系在大公司和高杠杆公司中更为明显。分析还发现了一种非线性效应的证据，即债务积压在高负债水平下更严重地阻碍了投资。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Corporate debt overhang and investment in emerging economies: Firm-level evidence

This paper investigates empirically the linkages between corporate debt overhang and investment activity at the firm level for a cross section of large-sized emerging market and developing economies. It analyzes the extent to which investment may be discouraged by high levels of debt that put at risk future profits, as well as firm dimensions that may sharpen the debt-investment link. Using balance sheet data from a broad set of emerging market and developing economy firms, the analysis suggests that corporate debt overhang imposes a sizable effect on investment at the firm level. This linkage is more pronounced for large firms and highly leveraged firms. The analysis also finds evidence of a nonlinear effect, in which debt overhang discourages investment more severely under high levels of indebtedness.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.