JOURNAL OF CORPORATE FINANCE, VOLUME 52，OCTOBER 2018

在贷款稀缺时转向债券：来自美国金融危机的证据

作者：Manisha Goel (Pomona College)

Michelle Zemel (Pomona College)

摘要：当银行信贷供应下降时，上市公司会以何种比例转为使用债券，他们的实际产出与其他公司相比怎样？对美国1988年-2011年期间四次金融危机的检验表明，只有8.4％的拥有债务的公司打破了对贷款的依赖并转向债券。这些都是高质量的公司，虽然它们承受了巨大的成本支出，但在产出、投资和就业方面并没有比以发行债券为主导的公司遭受更多的冲击。其他大多数公司要么获得贷款，要么没有债务，而且经营表现明显更差。因此，上市公司不会广泛地用债券代替贷款，使得它们仍然容易受到银行经营状况波动的影响。

关键词：金融危机；公司金融；银行；债券；就业；产出；投资

Switching to bonds when loans are scarce: Evidence from four U.S. crises

Manisha Goel (Pomona College), Michelle Zemel (Pomona College)

ABSTRACT

To what extent do public firms switch to bonds when bank credit supply falls, and how do their real outcomes compare to those of other firms? Examining four U.S. crises during 1988–2011 shows that only 8.4% of debt-receiving firms broke their reliance on loans and switched to bonds. These were high quality firms that, despite incurring large costs, did not suffer significantly more in output, investment, and employment than predominantly bond-issuing firms. Most firms either received loans, or no debt, and fared significantly worse. Thus, public firms do not widely substitute bonds for loans, remaining vulnerable to bank health fluctuations.

Keywords: Financial crises; Corporate finance; Banks; Bonds; Employment; Output; Investment

原文链接：https://www.sciencedirect.com/science/article/pii/S0929119917307617

翻译：陈然