What Can Company Data Tell Us About Financing and Investment Decisions?
What Can Company Data Tell Us About Financing and Investment Decisions?
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公司数据可以告诉我们哪些有关融资和投资决策的信息？
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
Konstantinos Theodoridis
中科院分区：
文献类型：
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作者：
Katie Farrant;M. Inkinen;M. Rutkowska;Konstantinos Theodoridis
资本市场在为英国公司融资方面发挥着重要作用。自2009年以来，公司债券发行一直强劲，但英国商业投资总额仍然疲弱。在某种程度上，这种公司行为模式可以解释为公司选择发行债券以减少其他形式的债务，如银行贷款。但公司层面的数据显示，公司的投资行为存在相当大的异质性。自2009年低谷以来，利用资本市场的公司大幅增加了投资。然而，它们的投资增长在2012年有所下降，这表明当时除了获得融资之外，其他因素也影响了公司的投资决策。
Capital markets play an important role in financing UK companies. Since 2009, corporate bond issuance has been strong, and yet aggregate UK business investment has remained weak. In part, this pattern of company behaviour can be explained by companies choosing to issue bonds in order to reduce other forms of debt, such as bank loans. But company-level data show that there is considerable heterogeneity in companies’ investment behaviour. Companies that use capital markets have increased their investment significantly since the trough in 2009. Their investment growth, however, fell in 2012, suggesting that other factors besides access to finance were also influencing companies’ investment decisions at the time.