Asset Prices and Corporate Responses to Bank of Japan ETF Purchases
Asset Prices and Corporate Responses to Bank of Japan ETF Purchases
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资产价格和企业对日本央行 ETF 购买的反应
DOI：
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发表时间：
2019
期刊：
影响因子：
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通讯作者：
Yupana Wiwattanakantang
中科院分区：
文献类型：
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作者：
Ben Charoenwong;R. Morck;Yupana Wiwattanakantang
自2010年以来，日本银行（BOJ）购买股票以提高国内企业的估值，以提高GDP增长。日本央行购买的股票相对于上个月市值的回报弹性约为2，并在较长时间内增加。在一个季度内，日本央行购买了价值1%资产的股票，相当于股票估值增加了1%，资产增加了0.27%。与让公司“套现”的高估值一致，日本央行的股票购买预测了股票发行和更少的股票回购。然而，在增加的资产中，只有不到9%反映了净有形资本投资，而现金和短期投资占50%以上。因此，这种非常规的货币刺激提振了股价，但基本上没有转化为真实的投资增长。
Since 2010, the Bank of Japan (BOJ) has purchased stocks to boost domestic firms’ valuations to increase GDP growth. The stock return elasticity with respect to BOJ purchases relative to the previous month’s market cap is around 2 and increases across longer horizons. Over one quarter, BOJ share purchases worth 1% of assets correspond to an increase of 1% in share valuation and a .27% increase in assets. Consistent with elevated valuations letting firms “cash out,” BOJ share purchases predict equity issuances and fewer stock buybacks. However, less than 9% of increased assets reflect net tangible capital investments, whereas cash and short-term investments account for over 50%. This unconventional monetary stimulus thus boosts share prices but is largely not transmitted into real investment growth.