COVID-19如何影响公司进入公共资本市场?
Michael Halling1, Jin Yu2, Josef Zechner3
1Stockholm School of Economics and Swedish House of Finance.
概括
在COVID-19危机期间,公司债券发行和到期日均有所增加. 资产的有形性 资产的有形性
科学领域:
- 金融 金融 金融 金融 金融
- 经济学 经济学 经济学
- 企业金融公司财务
背景情况:
- 随着COVID-19的蔓延,全球金融市场发生了巨大的变化.
- 了解企业在危机期间的融资决策对于经济稳定至关重要.
研究的目的:
- 在COVID-19危机期间分析公司债券和股票发行变化.
- 检查与正常时期相比,在疫情期间企业债券利差的决定因素.
主要方法:
- 从日历第12周 (3月16日至20日) 以后的债券和股票发行数据的分析.
- 在危机期间与危机前时期的债券到期和差额决定因素的比较.
- 检查资产有形性在影响公司债券利差方面的作用.
主要成果:
- 债券发行在所有评级类别 (A或更高,BBB或更低) 上.
- 债券到期时间超过了危机前的水平和平均正常时间.
- 资产有形性对债券利差的影响逆转:在正常情况下是负面的,在COVID-19期间是积极的,特别是在受锁定影响的行业.
- 股票发行最初放缓,但随后加速;通过股票筹集的资本是债券发行的5%.
结论:
- COVID-19危机导致企业融资发生重大转变,债券发行量增加,期限更长.
- 资产实体性和公司债券利差之间的关系在疫情期间发生了巨大变化,突出了资产不灵活性.
- 与危机期间的债务融资相比,股权融资的作用较小.
关键词:
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