Corporate International Activity and Debt Financing
Corporate International Activity and Debt Financing
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企业国际活动和债务融资
DOI：
10.1057/palgrave.jibs.8491008
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发表时间：
2001
影响因子：
11.6
通讯作者：
D. Reeb
中科院分区：
文献类型：
--
作者：
S. Mansi;D. Reeb
关于企业国际活动与债务融资成本和水平之间的关系，文献提供了相互矛盾的证据。基于这些证据，我们探讨了企业国际化对债务融资的影响。使用基于市场的美国公司样本，我们发现了公司国际活动与债务融资成本和水平之间非单调关系的重要证据。具体来说，我们发现，与之前的研究相反，企业国际活动平均与债务融资成本降低 13% 和企业杠杆率增加 30% 相关。
The literature provides conflicting evidence on the relation between corporate international activity and the cost and level of debt financing. Based on this evidence, we explore the impact of firm internationalization on debt financing. Using a market based sample of U.S. firms, we find significant evidence of a non monotonic relation between firm international activity and both the cost and level of debt financing. Specifically, we find that, contrary to prior research, firm international activity is, on average, associated with a 13% reduction in the cost of debt financing and a 30% increase in firm leverage.