| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20581 |
| 来源ID | Working Paper 20581 |
| How Does Government Borrowing Affect Corporate Financing and Investment? | |
| John Graham; Mark T. Leary; Michael R. Roberts | |
| 发表日期 | 2014-10-13 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Using a novel dataset of accounting and market information that spans most publicly traded nonfinancial firms over the last century, we show that U.S. federal government debt issuance significantly affects corporate financial policies and balance sheets through its impact on investors' portfolio allocations and the relative pricing of different assets. Government debt is strongly negatively correlated with corporate debt and investment, but strongly positively correlated with corporate liquidity. These relations are more pronounced in larger, less risky firms whose debt is a closer substitute for Treasuries. Indeed, we find a strong negative relation between the BAA-AAA yield spread and government debt, highlighting the greater sensitivity of more highly rated credit to variation in the supply of Treasuries. The channel through which this effect operates is investors' portfolio decisions: domestic intermediaries actively substitute between lending to the federal government and the nonfinancial corporate sector. The relations between government debt and corporate policies, as well as the substitution between government and corporate debt by intermediaries, are stronger after 1970 when foreign demand increased competition for Treasury securities. In concert, our results suggest that large, financially healthy corporations act as liquidity providers by supplying relatively safe securities to investors when alternatives are in short supply, and that this financial strategy influences firms' capital structures and investment policies. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w20581 |
| 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/578255 |
| 推荐引用方式 GB/T 7714 | John Graham,Mark T. Leary,Michael R. Roberts. How Does Government Borrowing Affect Corporate Financing and Investment?. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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