MS最新文献:信息环境的变化是否会影响融资选择?

发布时间:2018-12-03 15:38

Xu Li 

Chen Lin 

Xintong Zhan 

Published Online:https://doi.org/10.1287/mnsc.2018.3096


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Abstract

Using brokerage mergers and closures as natural experiments, we examine how exogenous changes in the information environment affect a firm’s financing choice. Our difference-in-differences approach shows that exogenous increases in information asymmetry lead firms to substitute away from equity and public debt toward bank debt. Firms with higher risk tend to substitute equity for bank debt, and firms with lower risk tend to substitute bonds for bank debt. The effect of the change in the information environment on a firm’s financing choice is more pronounced for firms with worse information environments, such as those with few initial analysts and younger firms. We demonstrate that the mechanism of the change is through a reduction of the issuance of equity and bonds but with an increase of the issuance of bank loans. Further analysis reveals that such firms tend to reduce long-term borrowing, reduce their issuance of subordinated debt, and increase their revolving credit lines.


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摘要

使用券商合并和破产作为自然实验,我们研究了信息环境中的外生变化如何影响公司的融资选择。我们的差异差异方法表明,信息不对称的外部增长导致企业从股权和公共债务中取代银行债务。风险较高的公司倾向于用股权代替银行债务,风险较低的公司倾向于用债券代替银行债务。对于信息环境较差的公司,例如对于初始分析师较少和更年轻的公司,信息环境的变化对公司融资选择的影响更为明显。本文发现,变革的机制是减少股票和债券的发行,但随着银行贷款的发行量的增加。进一步的分析表明,这些公司倾向于减少长期借款,减少次级债的发行,并增加其循环信贷额度。



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