Access to capital, investment, and the financial crisis

• 成果类型: Article
• 署名作者: Kahle, Kathleen M.; Stulz, Rene M.
• 署名单位: University of Arizona; University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2013.02.014
• 发表日期: 2013
• 页码: 280-299
• 关键词: FINANCIAL CRISIS; Credit supply; credit constraints; Corporate borrowing; Cash holdings; Corporate investment; Bank relationships

摘要

During the recent financial crisis, corporate borrowing and capital expenditures fall sharply. Most existing research links the two phenomena by arguing that a shock to bank lending (or, more generally, to the corporate credit supply) caused a reduction in capital expenditures. The economic significance of this causal link is tenuous, as we find that (1) bank-dependent firms do not decrease capital expenditures more than matching firms in the first year of the crisis or in the two quarters after Lehman Brother's bankruptcy; (2) firms that are unlevered before the crisis decrease capital expenditures during the crisis as much as matching firms and, proportionately, more than highly levered firms; (3) the decrease in net debt issuance for bank-dependent firms is not greater than for matching firms; (4) the average cumulative decrease in net equity issuance is more than twice the average decrease in net debt issuance from the start of the crisis through March 2009; and (5) bank-dependent firms hoard cash during the crisis compared with unlevered firms. (C) 2013 Elsevier B.V. All rights reserved.