Short‐Term Debt as Bridge Financing: Evidence from the Commercial Paper Market
研究企业为何使用非中介短期债务，通过商业票据市场数据发现，企业用商业票据为资本投资提供启动资金，并倾向于在后续用长期债券再融资以降低展期风险。
ABSTRACT We analyze why firms use nonintermediated short‐term debt by studying the commercial paper (CP) market. Using a comprehensive database of CP issuers and issuance activity, we show that firms use CP to provide start‐up financing for capital investment. Firms’ CP issuance is driven by a desire to minimize transaction costs associated with raising capital for new investment. We show that firms with high rollover risk are less likely to enter the CP market, borrow less CP, and borrow more from bank credit lines. Further, CP is often refinanced with long‐term bond issuance to reduce rollover risk.