Monetary Policy, Corporate Finance, and Investment
研究发现，年轻且不派息的公司对利率变化的反应比老牌派息公司更强烈，其资本支出和借款调整幅度更大，原因在于其债务对抵押品价值波动更敏感，而抵押品价值受货币政策显著影响。
Abstract In response to a change in interest rates, younger firms not paying dividends adjust both their capital expenditure and borrowing significantly more than older firms paying dividends. The reason is that the debt of younger non-dividend payers is far more sensitive to fluctuations in collateral values, which are significantly affected by monetary policy. The results are robust to a wide range of possible confounding factors. Other channels, including movements in interest payments, product demand, profitability, and mark-ups, are also significant but seem unlikely to explain the heterogeneity in the response of capital expenditure. Our findings suggest that these types of financial frictions play an important role in the transmission of monetary policy.