The Effect of Debt Market Imperfection on Capital Structure and Investment: Evidence from the 2008 Global Financial Crisis in Japan
The Effect of Debt Market Imperfection on Capital Structure and Investment: Evidence from the 2008 Global Financial Crisis in Japan
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债务市场不完善对资本结构和投资的影响：来自2008年日本全球金融危机的证据
DOI：
10.2139/ssrn.2311628
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
Hiromichi Iwaki
中科院分区：
文献类型：
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作者：
Hiromichi Iwaki
本文研究了债务市场摩擦如何根据公司是否进入公共债务市场而对实际公司行为（例如资本结构和投资）产生不同的影响，并考虑到债务结构的差异。为此，我们使用自然实验方法来检验 2008 年日本信贷供应冲击，结果表明，与能够进入公共债务市场的公司相比，无法进入公共债务市场的公司面临杠杆率和投资下降，同时银行债务也减少。考虑到无法进入公共债务市场的企业在债务方面更依赖银行，并且可能比那些能够进入公共债务市场的企业与银行有更密切的关系，有趣的是，与其他企业相比，依赖银行的企业面临着来自银行的债务供应减少。此外，通过对引入不同债务结构的交互项的投资回归进行调查，发现有机会获得公共债务的公司和没有获得公共债务市场的公司之间的债务结构或债务期限的差异在决定债务和投资方面也发挥着重要作用，并且在2008年金融危机之后，依赖银行的公司比有机会进入公共债务市场的公司面临更多的投资不足或不确定性。
This paper investigates how debt market frictions affect real firm behaviors such as capital structures and investments differently based on whether a firm has access to the public debt market, taking debt structure differences into account. To this aim, using the natural experimental approach to examine the 2008 credit supply shock in Japan, we show that firms without access to the public debt market face decreased leverage and investment, accompanied by decreased bank debt, compared to firms with access. Considering that firms without access to the public debt market are more dependent on banks for their debt and are likely to have closer relationships with banks than those with access, it is intriguing that bank-dependent firms face reduced debt supplies from banks compared to other firms. Moreover, through investigation of the regression of investments where the interaction term with different debt structures is introduced, it is suggested that differences in debt structure or debt maturity between firms with access to public debt and those without access also play an important role in determining debt and investment and that bank-dependent firms faced more underinvestment or uncertainty after the financial crisis of 2008 than firms with access to the public debt market.