The Determinants of Foreign Currency Debt Financing: Borrower Incentives or Lender Incentives?

被引：2

作者：

Bae, Sung C. ^{[1
]}

Kim, Hyeon Sook ^{[2
]}

Kwon, Taek Ho ^{[2
]}

机构：

[1] Bowling Green State Univ, Coll Business, Dept Finance, Bowling Green, OH 43403 USA

[2] Chungnam Natl Univ, Sch Business, Daejeon, South Korea

来源：

ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2017年 / 46卷 / 06期

基金：

新加坡国家研究基金会;

关键词：

Foreign currency debt financing; Determinants; Borrower incentives; Lender incentives; Korean firms; Global financial crisis; CAPITAL STRUCTURE; CORPORATE-FINANCE; DENOMINATED DEBT; EMERGING MARKETS; AGENCY COSTS; INVESTMENT; EXPOSURE; FIRMS; INFORMATION; DERIVATIVES;

D O I：

10.1111/ajfs.12197

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We offer new evidence that firm-level determinants of foreign currency (FC) and local currency (LC) debt financing differ significantly. While LC debt financing is affected mainly by demand-side borrower incentives, such as operating profitability, financing deficit, and depreciation expenses that reflect borrowers' capital needs, FC debt financing is affected mostly by supply-side lender incentives, such as tangible assets, firm size, asset growth, and R&D expenses, which FC debt lenders consider in assessing the potential value of collateral, in addition to the widely-reported export ratio. Our results remain robust in the presence of macro-level factors.

引用

页码：824 / 852

页数：29

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