担保债务的减少

IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE Journal of Finance Pub Date : 2023-12-18 DOI:10.1111/jofi.13308
EFRAIM BENMELECH, NITISH KUMAR, RAGHURAM RAJAN
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引用次数: 0

摘要

20 世纪以来,美国发行的担保债务(占公司债务总额的比例)持续下降。其部分原因是金融发展使债权人更加相信,即使债权人没有预先获得担保,优质借款人也会尊重其债权。因此,这类借款人更愿意通过不预先提供担保来保持财务灵活性。相反,他们会在公司濒临困境时才提供担保。这也解释了为什么在长期下降的同时,所发行的担保债务所占的比例是反周期的。
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The Decline of Secured Debt

The share of secured debt issued (as a fraction of total corporate debt) declined steadily in the United States over the twentieth century. This stems partly from financial development giving creditors greater confidence that high-quality borrowers will respect their claims even if creditors do not obtain security upfront. Consequently, such borrowers prefer retaining financial flexibility by not giving security up front. Instead, security is given contingently—when a firm approaches distress. This also explains why, superimposed on the secular decline, the share of secured debt issued is countercyclical.

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来源期刊
Journal of Finance
Journal of Finance Multiple-
CiteScore
12.90
自引率
2.50%
发文量
88
期刊介绍: The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.
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