Corporate Debt Structure: Theory and Evidence

公司债务结构：理论与证据

• 批准号: 9111069
• 负责人: David Scharfstein
• 金额: $ 10.67万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1991
• 资助国家: 美国
• 起止时间: 1991-07-01 至 1993-12-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9111069&HistoricalAwards=false
• 关键词: Corporate; Debt; Structure; Theory; Evidence

The purpose of this project is to study from a theoretical and empirical perspective how companies structure their debt. For example, what determines whether companies borrow from banks or issue public debt; whether companies issue secured or unsecured loans; and whether they borrow short or long term. This study is important because it help us better understand the effects of financial regulation, financial distress, and macroeconomic fluctuations. There are three topics to the project, two of which are empirical. The first will analyze the recent shift in Japan away from bank financing toward public debt financing using a detailed firm-level database of Japanese companies. The second part will develop a firm-level U.S. corporate debt structure and analyze both how debt is determined and how debt structure affects the ability of firms to respond to macroeconomic and industry fluctuations. The third topic is a theoretical analysis which involves constructing a model that incorporates important aspects of debt structure, such as the choice of how many creditors to borrow from and the assignment of security interests.

本项目的目的是从理论和 从实证角度看企业如何构建债务。 为 例如，是什么决定了公司是否从银行借款， 发行公债;公司发行的是有担保的还是无担保的 贷款;以及他们是借短期还是长期贷款。 本研究 因为它帮助我们更好地理解 金融监管、金融危机和宏观经济 波动 该项目有三个主题，其中两个 是经验主义的。 第一部分将分析日本最近的转变 从银行融资转向公共债务融资， 详细的日本企业数据库。 第二 一部分将制定一个公司层面的美国公司债务结构， 分析债务是如何确定的，以及债务结构如何影响 企业对宏观经济和工业作出反应的能力 波动 第三部分是理论分析， 包括构建一个模型， 债务结构，如选择多少债权人， 借款和担保权益的转让。