Financing Investment: The Choice Between Bonds and Bank Loans
构建了一个投资与融资决策模型，研究企业在边际融资时选择债券还是银行贷款，以及这种选择如何影响企业投资。发现增长机会多、违约谈判能力强、产品市场竞争激烈或信贷供给低的企业更可能发行债券，这些特征通过改变融资成本影响投资时机。
We build a model of investment and financing decisions to study the choice between bonds and bank loans in a firm’s marginal financing decision and its effects on corporate investment. We show that firms with more growth options, with higher bargaining power in default, operating in more competitive product markets, or facing lower credit supply are more likely to issue bonds. We also demonstrate that, by changing the cost of financing, these characteristics affect the timing of investment. We test these predictions using a sample of U.S. firms and present new evidence that supports our theory. Data, as supplemental material, are available at http://dx.doi.org/10.1287/mnsc.2014.2005 . This paper was accepted by Gustavo Manso, finance.