商业地产风险敞口与企业融资选择

IF 0.5 Q4 BUSINESS

International Journal of Business Pub Date : 2022-04-30 DOI:10.55802/ijb.027(2).006

Jing Yang

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引用次数: 0

摘要

本研究探讨了企业资本结构与其商业地产敞口以及房地产市场特征之间的可能关系。利用来自杠杆率高且快速增长的美国电信业的数据，我们发现，自1996年电信业放松管制以来，在控制了传统资本结构决定因素后，杠杆率与通过商业地产所有权获得的商业地产敞口之间存在正相关，这种关联在2007-2009年大衰退期间尤为突出。一个可能的理由是房地产对杠杆的附带影响。房地产租赁的风险敞口在融资选择中也发挥着（尽管较小）作用。我们的研究结果通常表明，房地产风险敞口对公司的融资选择有着不小的影响，尤其是在资本市场紧张的情况下，因此抵押品效应至关重要。

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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Commercial Property Exposure and Corporation Financing Choice

This study explores the possible relationship between a corporation’s capital structure and its commercial property exposure as well as property market characteristics. Using data from the heavily levered and rapidly growing U.S. telecommunications industry, we find a positive association between leverage and commercial property exposure via commercial property ownership since the 1996 telecommunications industry deregulation, after controlling for traditional capital structure determinants, and the association is particularly prominent during the 2007-2009 Great Recession. A possible justification is the collateral effect of real estate properties on leverage. The exposure through property leases also play (albeit smaller) roles in the financing choice. Our findings generally suggest a non-trivial influence of real estate exposure to the firms’ financing choices, especially when the capital market is tight hence the collateral effect is critical.

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来源期刊

International Journal of Business BUSINESS-

CiteScore

0.70

自引率

0.00%

发文量

期刊介绍： The Journal will serve and provide a forum for exchange of ideas among business executives and academicians concerned with global business and economic issues. With the rapid evolution of corporate business from international to global in recent years, general business has been one of the areas of greatest added complexity and concern for corporate managers. It is no longer sufficient for the corporate manager to limit his/her study simply to the domestic aspects of general business. Almost every single topic that can be studied in general business now has global dimensions that are equally important. As such, practitioners and academicians, each with a unique perspective on global business, must go beyond the presently limited sharing of information and ideas. The Journal will be an academic journal combining academic inquiry and informed business practices. It will publish empirical, analytical, review, and survey articles, as well as case studies related to all areas of global business and economics. A sentiment often expressed by practitioners is that academic research in general may not be addressing the most relevant questions in the real world. To bridge some gaps in our knowledge of the real world, the Journal is thereby willing to sponsor a field research (such as surveys, in-depth interviews, on-site studies, etc.). It is fair to say that the Journal will publish high-quality applied-research papers. Nevertheless, studies that test important theoretical works and shed additional light on the issue with some business implications will also be solicited.