The ECB’s APP’s impact on non-financial firms’ cost of borrowing and debt choice
研究了欧洲央行资产购买计划如何影响欧元区非金融企业的借贷成本及其在公司债券与银团贷款之间的选择，发现企业部门购买计划降低了合格与不合格债券的利差，并影响了企业的债务融资决策。
We examine the impact of the ECB’s asset purchase programmes on euro area non-financial firms’ cost of borrowing and their choice between corporate bonds and syndicated loans. Our findings indicate that the Corporate Sector Purchase Programme (CSPP) reduced spreads for both eligible and non-eligible corporate bonds, and that ECB purchases of covered bonds positively affected corporate bond spreads. The CSPP also compressed spreads across all syndicated loans, irrespective of eligibility. We find evidence supporting a “cost of borrowing channel” for covered bonds under the first programme and asset-backed securities, indicating that syndicated loan spreads reflect banks’ borrowing costs in the bond market. Additionally, our results reveal that the CSPP significantly influenced firms’ debt financing choices, with these effects being more pronounced for non-switchers.