Policy initiatives and firms' access to external finance: Evidence from a panel of emerging Asian economies
研究亚洲国家政府协调的政策举措如何影响企业外部融资结构，发现政策促使企业增加长期债务、减少短期债务，且低风险高利润企业受影响更大，最终提升了企业投资支出。
This paper analyses the impact of policy initiatives co-ordinated by Asian national governments on firms' composition of external finance. Using a unique firm-level database of eight Asian countries- Hong Kong SAR, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand over the period of 1996–2012 and a difference-in-differences approach, the results show a significant response of the debt composition to the policy change. We find that firms increased their uptake of long-term debt, while decreased their short-term debt. We also document that less risky and more profitable firms are more significantly affected by the policy change than riskier and less profitable firms. Finally, we show that the improved access to external finance after the policy initiative helped firms to raise their investment spending.