| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17805 |
| 来源ID | Working Paper 17805 |
| The Firm-Level Credit Multiplier | |
| Murillo Campello; Dirk Hackbarth | |
| 发表日期 | 2012-02-02 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We study the effect of asset tangibility on corporate financing and investment decisions. Financially constrained firms benefit the most from investing in tangible assets because those assets help relax constraints, allowing for further investment. Using a dynamic model, we characterize this effect - which we call firm-level credit multiplier - and show how asset tangibility increases the sensitivity of investment to Tobin's Q for financially constrained firms. Examining a large sample of manufacturers over the 1971-2005 period as well as simulated data, we find support for our theory's tangibility-investment channel. We further verify that our findings are driven by firms' debt issuance activities. Consistent with our empirical identification strategy, the firm-level credit multiplier is absent from samples of financially unconstrained firms and samples of financially constrained firms with low spare debt capacity. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w17805 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575480 |
| 推荐引用方式 GB/T 7714 | Murillo Campello,Dirk Hackbarth. The Firm-Level Credit Multiplier. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17805.pdf（630KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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