JOURNAL OF BANKING & FINANCE, VOL 97, DECEMBER 2018

竞争对手的竞争活动、资本约束和企业增长

作者：Mikael C. Bergbrant (St. John's University)

Delroy M. Hunter（University of South Florida）

Patrick J. Kelly（The University of Melbourne）

摘要：本文研究了60个国家的企业竞争对手的竞争活动对企业资本数量限制的影响。过去的研究表明，竞争会增加债务和股权的成本，从而降低投资的经济利润。然而，资本限制可能会阻止企业投资所有的正NPV项目。利用独特的调查数据和多种计量经济学方法，本文解决了同时影响资本约束和竞争对手竞争活动的内生性问题。本文发现，竞争对手的竞争活动与企业的资本约束正相关，且与资本约束的关联性高于银行业竞争。本文还发现，资本数量约束与企业增长负相关，与资本成本正相关。

关键词：资本约束;信贷配给;竞争活动;产品市场竞争;银行业竞争;企业增长;资本成本

Rivals’ Competitive Activities, Capital Constraints, and Firm Growth

Mikael C. Bergbrant (St. John's University)；Delroy M. Hunter（University of South Florida）；Patrick J. Kelly（The University of Melbourne）

ABSTRACT

We examine the impact of rivals’ competitive activities on firms’ quantity-of-capital constraints in 60 countries. Prior work shows that competition increases the costs of debt and equity, which reduce the economic profit from investment. Capital constraints, however, may prevent firms from exploiting all positive NPV projects. Using unique survey data and several econometric techniques, we address endogeneity problems that affect both capital constraints and rivals’ competitive activities. We find that rivals’ competitive activities are positively associated with firms’ capital constraints and are more strongly correlated with capital constraints than banking sector competition. We also show that quantity-of-capital constraints are negatively related to firm growth, incremental to the cost of capital.

Keywords: Capital Constraints；Credit Rationing；Competitive Activities；Product Market Competition；Banking Competition；Firm Growth；Cost of Capital

原文链接：

https://www.sciencedirect.com/science/article/pii/S0378426618302140

翻译：王秭越