Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Securities Market Herald》 2015-11
Add to Favorite Get Latest Update

Financing Constraints, Capital Investment and Corporate Bonds in the Corporate Bond Perspective

Li Chunxia;  
In the background of corporate bonds appearing, this paper discusses the innovation of financial instrument how to affect the external financing constraints and corporate performance. Based on the panel data of listed companies, this investigation employs the DID method. The results show that the ROS, ROA and ROE of high-credit rating companies have improved significantly, since corporate bonds become potential financing tools. This paper further finds corporate bonds help to reduce the investment-cash flow sensitivity of the high credit rating companies, and enhance their investment scale, sales growth rate and technical progress ratio. The above conclusions provide microscopic evidence for the relationship between financial development and economic growth.
【Fund】: 国家社会科学基金项目(15BJL028);; 天津市哲学社会科学研究规划项目(TJYYWT15-014);; 天津财经大学科研发展基金(Q140101)
【CateGory Index】: F832.51;F275
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved