房产价值与公司信贷（JFE2022）

题目:Do real estate values boost corporate borrowing? Evidence from contract-level data

摘要：Ample literature builds on the notion that real estate values boost corporate secured bor- rowing (“collateral channel”). A comprehensive contract-level database allows us to ob- serve the value, location, and end-use of firms’ real estate holdings in the US and all debts raised against those assets over the 20 0 0–2017 period. Firms raise new debt following an increase in the value of their real estate but use unsecured rather than secured borrow- ing. We rationalize these findings with a model where firms’ choices between secured and unsecured debt reflect the systematic risk exposures of the assets on their balance sheets. While secured debt may be seen as a safer claim than unsecured debt contractually, we demonstrate that it can be riskier from an economic perspective. Our analysis adds new insight into how firms set their debt structure.

看了一会感觉不是我的菜，不要勉强，下一篇预告：

税收优惠、租金分享与公司内部收入不平等