Journal of Financial Economics·Volume 127, Issue 2·February 2018

进入威胁与债务期限：来自航空公司的证据

作者：Gianpaolo Parise（Bank for International Settlements (BIS)）

摘要：作者探讨了在航空业中由低成本竞争对手所产生的威胁对债务结构的影响。作者利用廉价航空公司的航线网络扩张来确定未来竞争者进入可能性急剧增加的航线。作者发现，当他们的大部分市场受到威胁时，现有航空公司在竞争者进入之前会显著增加债务期限。总体上，主要结论显示，航空公司在应对进入威胁时，会牺牲短期融资带来的收益来降低展期风险。该结论与企业在存在昂贵的展期失败时设置其最佳债务结构的模型一致。

关键词：竞争，债务期限，展期风险，进入威胁

Threat of entry and debt maturity: Evidence from airlines

Gianpaolo Parise（Bank for International Settlements (BIS)）

ABSTRACT

I explore the effect of the threat posed by low-cost competitors on debt structure in the airline industry. I use the route network expansion of low-cost airlines to identify routes where the probability of future entry increases dramatically. I find that when a large portion of their market is threatened, incumbents significantly increase debt maturity before entry occurs. Overall, the main findings suggest that airlines respond to entry threats trading off the benefits of short-term financing for lower rollover risk. The results are consistent with models in which firms set their optimal debt structure in the presence of costly rollover failure.

Keywords：Competition, Debt maturity, Rollover risk, Threat of entry

原文链接：https://www.sciencedirect.com/science/article/pii/S0304405X17302970#!

翻译：何杉