Uncertainty, access to debt, and firm precautionary behavior
研究发现，美国各州反重述法律增强了企业通过特殊目的载体抵押品获得贷款的能力，从而缓解了不确定性对企业现金持有、杠杆和投资的影响，减少了预防性行为。
Better access to debt markets mitigates the effects of uncertainty on corporate policies. We establish this result using the staggered introduction of anti-recharacterization laws in US states. These laws enhanced firms’ ability to borrow by strengthening creditors’ rights to repossess collateral pledged in special purpose vehicles. After the passage of the laws, firms that face more uncertainty hoard less cash and increase payouts, leverage, and investment in intangible assets. Our findings suggest that better access to debt markets shields firms from fluctuations in uncertainty and decreases firms’ precautionary behavior, contributing to the deployment of cash and other internal resources to investment in intangible capital.