Access to Collateral and Corporate Debt Structure: Evidence from a Natural Experiment
利用印度证券化改革这一自然实验，发现加强债权人权利导致企业减少有担保债务、总债务和债务期限，增加流动性囤积，且对有形资产比例高的企业影响更大。
ABSTRACT We investigate how firms respond to strengthening of creditor rights by examining their financial decisions following a securitization reform in India. We find that the reform led to a reduction in secured debt, total debt, debt maturity, and asset growth, and an increase in liquidity hoarding by firms. Moreover, the effects are more pronounced for firms that have a higher proportion of tangible assets because these firms are more affected by the secured transactions law. These results suggest that strengthening of creditor rights introduces a liquidation bias and documents how firms alter their debt structures to contract around it.