Government debt and corporate leverage: International evidence

Demirci Irem; Huang Jennifer; Sialm Clemens

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Government debt and corporate leverage: International evidence

机译：政府债务和公司杠杆：国际证据

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We empirically investigate the impact of government debt on corporate financing decisions in an international setting. We show a negative relation between government debt and corporate leverage using data on 40 countries between 1990-2014. This negative relation is stronger for government debt that is financed domestically, for firms that are larger and more profitable, and in countries with more developed equity markets. To address potential endogeneity concerns, we use an instrumental variable approach based on military spending and a quasi-natural experiment based on the introduction of the Euro currency. Our findings suggest that government debt crowds out corporate debt. (C) 2019 Elsevier B.V. All rights reserved.

机译：我们明确调查政府债务对国际环境中公司融资决策的影响。我们在1990 - 2014年之间使用40个国家的数据显示政府债务和公司利用之间的负面关系。这种负面关系对于国内资助的政府债务更强大，对于更大盈利，更有利可图，以及更多发达的股票市场的国家。为了解决潜在的内情问题，我们使用基于军事支出的仪器变量方法和基于欧元货币的推出的准自然实验。我们的研究结果表明，政府债务群体涉及公司债务。（c）2019 Elsevier B.v.保留所有权利。

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来源
《Journal of financial economics》 |2019年第2期|337-356|共20页
作者
Demirci Irem; Huang Jennifer; Sialm Clemens;
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作者单位

Nova Sch Business & Econ Lisbon Portugal;

Cheung Kong Grad Sch Business Beijing Peoples R China;

Univ Texas Austin McCombs Sch Business Dept Finance 2110 Speedway B6600 Austin TX 78712 USA|NBER Cambridge MA 02138 USA|AQR Capital Management Greenwich CT USA;

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原文格式 PDF
正文语种 eng
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关键词
Government debt; Capital structure; Crowding out;

机译：政府债务;资本结构;挤出;

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专利

1. Government debt and corporate leverage: International evidence [J] . Demirci Irem, Huang Jennifer, Sialm Clemens Journal of financial economics . 2019,第2期

机译：政府债务和企业杠杆作用：国际证据
2. Leverage, Debt Maturity and Corporate Performance: Evidence from Chinese Listed Companies Author(s): [J] . Ratnam Vijayakumaran, Sunitha Vijayakumaran Asian Economic and Financial Review . 2019,第4期

机译：杠杆，债务期限和公司绩效：来自中国上市公司的证据
3. Leverage and corporate performance: International evidence [J] . Victor M. Gonzalez International Review of Economics and Finance . 2013,第JANa期

机译：杠杆与企业绩效：国际证据
4. Corporate social responsibility report, debt capital cost--Evidence from Chinese A-share listed firms in the environmental sensitive industries [C] . Manyu Wang, Guozhu He, Dongchuan Lin International Conference on Social Sciences and Economic Development . 2019

机译：公司社会责任报告，债务资本成本 - 来自中国A股上市公司的证据于环境敏感产业
5. The effect of leveraged recapitalization on corporate performance: Evidence from successful and unsuccessful transactions [D] . Smith, Roger Sherman 1999

机译：杠杆式资本重组对公司绩效的影响：成功和不成功交易的证据
6. International corporate tax avoidance and domestic government health expenditure [O] . Bernadette Ann-Marie O’Hare 2019

机译：国际公司避税和国内政府卫生支出
7. THE FINANCIAL SITUATION OF THE LOCAL GOVERNMENTS IN POLAND ACCORDING TO THE NEW RULES OF LIMITING DEBT – THE MACROECONOMIC PERSPECTIVE Abstract: The article presents some evidence for the introduction in 2014 of new rules limiting debt of local governments. Statistical analysis of the distribution of the financial results of each group of local governments indicates that the financial situation of some local governments is difficult. The highest back financing possibilities have regional administrative structures. Other groups of local governments have limited possibilities of debt, in the most difficult situation are districts which do not have the possibility of further indebtedness. Keywords: public debt, central government, local governments, debt limits [O] . Jerzy Rutkowski 2015

机译：波兰地方政府的财务状况根据限制债务的新规则 - 宏观经济视角摘要：本文介绍了2014年新规则限制地方政府债务的介绍的一些证据。对每组地方政府的财务业绩分配的统计分析表明，一些地方政府的财务状况很难。最高融资可能性有区域行政结构。其他群体债务可能性有限，最困难的局势是没有进一步债权的地区。关键词：公共债务，中央政府，地方政府，债务限制

Government debt and corporate leverage: International evidence

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