| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24513 |
| 来源ID | Working Paper 24513 |
| Corporate Foreign Bond Issuance and Interfirm Loans in China | |
| Yi Huang; Ugo Panizza; Richard Portes | |
| 发表日期 | 2018-04-16 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper uses firm-level data to document and analyze international bond issuance by Chinese non-financial corporations and the use of the proceeds of issuance. We find that dollar issuance is positively correlated with the differential between domestic and foreign interest rates. This interest rate differential increases the likelihood of dollar bond issuance by risky firms and decreases the likelihood of dollar bond issuance of exporters and profitable firms. Moreover, and most strikingly, we find that risky firms do more inter-firm lending than non-risky firms and that this lending rose significantly after the regulatory shock of 2008-09, when the authorities sought to restrict the financial activities of risky firms. Risky firms try to boost profitability by engaging in speculative activities that mimic the behavior of financial institutions while escaping prudential regulation that limits risk-taking by financial firms. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w24513 |
| 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/582186 |
| 推荐引用方式 GB/T 7714 | Yi Huang,Ugo Panizza,Richard Portes. Corporate Foreign Bond Issuance and Interfirm Loans in China. 2018. |
| 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 | ||
| w24513.pdf（708KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
