财务约束与产品市场决策:生产周期的作用

Diogo Mendes
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引用次数: 3

摘要

本文研究了金融摩擦对产品市场决策的影响。由于不同的产品具有不同的生产周期,在不同的到期日产生的现金流也不同,企业可以通过调整产品结构来缓解资金约束。我把葡萄牙的葡萄酒行业作为一个实验室,因为产品组合决策可以被识别出来,并与现金流成熟度联系起来。我利用银行监管冲击对信贷可用性产生负面影响,我发现信贷受限的公司改变了他们的产品组合以应对冲击。公司从现金流期限较长的产品转向较短的产品。我的研究结果表明,财务约束对产品市场的不利影响可能会随着生产周期的延长、灵活性的降低而加剧。
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Financial Constraints and Product Market Decisions: The Role of Production Cycles
This paper studies how financial frictions affect product market decisions. As different products have different production cycles and generate cash-flow at different maturities, companies may adjust product mix in order to alleviate financial constraints. I use the wine sector in Portugal as a laboratory because product mix decisions can be identified and linked to cash-flow maturity. I exploit a banking regulatory shock which impacted negatively on credit availability, and I find that credit constrained firms change their product mix in response to the shock. Firms shift from long cash-flow maturity products to shorter ones. My results suggest that the adverse impact of financial constraints on product markets may be exacerbated with longer, less-flexible, production cycles.
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