The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID
The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID
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DOI：
10.1093/rcfs/cfaa013
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发表时间：
2020-11-01
影响因子：
11.3
通讯作者：
Steffen, Sascha
中科院分区：
文献类型：
--
作者：
Acharya, Viral V.;Steffen, Sascha
美国公司贷款级别的每日信用额度缩水数据揭示了新冠肺炎疫情引发的企业“抢现金”现象。在危机的第一阶段，所有公司都动用了银行信贷额度，提高了现金水平，这一阶段的特点是极度预防和总体风险增加。在采取稳定政策后的第二阶段，只有评级最高的公司转向资本市场筹集现金。与成为堕落天使的风险一致，最低质量的BBB评级公司的表现与非投资级公司更相似。观察到的公司行为揭示了信用风险对公司现金持有量的显著影响。
Data on firm-loan-level daily credit line drawdowns in the United States expose a corporate "dash for cash" induced by the COVID-19 pandemic. In the first phase of the crisis, which was characterized by extreme precaution and heightened aggregate risk, all firms drew down bank credit lines and raised cash levels. In the second phase, which followed the adoption of stabilization policies, only the highest-rated firms switched to capital markets to raise cash. Consistent with the risk of becoming a fallen angel, the lowest-quality BBB-rated firms behaved more similarly to non-investment grade firms. The observed corporate behavior reveals the significant impact of credit risk on corporate cash holdings.