Sukuk Issuance and Information Asymmetry:Why Do Frms Issue Sukuk?
Sukuk Issuance and Information Asymmetry:Why Do Frms Issue Sukuk?
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伊斯兰债券发行与信息不对称：为什么金融机构要发行伊斯兰债券？
DOI：
10.1016/j.pacfin.2016.12.005
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发表时间：
2017
影响因子：
4.6
通讯作者：
永野 護
中科院分区：
文献类型：
--
作者：
Mamoru Nagano;Mamoru Nagano;永野 護
本研究调查了2000年至2014年马来西亚和印度尼西亚促使银行借款人发行ukuk而不是传统债务证券的因素。首先，我们的实证结果表明，银行借款人可能会接近thesukukmarket作为融资规模的增长，如果该公司的估值很高。第二，我们发现，在高度信息不对称下，一个公司与高股价和大的融资需求更喜欢sukukisorption传统的债务。我们的结论是，当企业的融资需求太大，无法从银行借款，信息不对称程度太高，他们无法接近传统的债务市场时，企业将英国市场作为一个中间融资市场。
This study investigates the factors that promote a bank borrower to issuesukukrather than conventional debt security in Malaysia and Indonesia from 2000 to 2014. First, our empirical results show that a bank borrower is likely to approach thesukukmarket as the funding size grows and if the firm is valued highly. Second, we find that under high information asymmetry, a firm with a high stock price and large funding demand preferssukukissuance to conventional debt. We conclude that firms use thesukukmarket as an intermediate funding market when the funding demand is too large to borrow from banks and the information asymmetry is too high for them to approach the conventional debt market.