Central Bank Purchases and Corporate Bond Issuance during the Pandemic: The Case of Japan
研究了日本央行在疫情期间大规模购买企业债券（限5年以内到期）如何影响企业发行行为，发现企业增加了合格期限债券的发行，并同时发行合格与不合格期限债券以降低未来展期风险。
Abstract In its massive purchases of corporate bonds during the COVID‐19 pandemic, the Bank of Japan set the maximum eligible remaining maturity at 5 years. I document that during the postpandemic period, Japanese firms increased bond issuance, with the increase concentrated in (1) issuance of bonds with eligible maturities (1–5 years) and (2) simultaneous issuance that combines eligible and longer, ineligible (>5‐year) maturities. These results are consistent with central bank purchases promoting bond issuance via a demand channel—in contrast to the US experience under the Federal Reserve's facilities targeting similar‐maturity corporate bonds—and with firms mitigating future rollover risk.