Does interest rate liberalization affect corporate debt structure?

doi:10.1111/jfir.12449

LZUFE-KMS

	Does interest rate liberalization affect corporate debt structure?
	Rehman, Obaid Ur 1; Zhang, Linghao 2; Wu, Kai 3
	2024-12-18
发表期刊	JOURNAL OF FINANCIAL RESEARCH
摘要	This study examines how interest rate deregulation affects debt structure of Chinese listed firms through two quasi-natural experiments: the cap removal (2002-2006) and floor removal (2011-2015). Following deregulation, risky firms increase short-term debt while decreasing long-term and total debt, whereas non-risky firms exhibit opposite patterns. These changes are influenced by collateral requirements, industry cluster proximity, bank relationships, and ownership structure. The divergent outcomes reflect increased borrowing costs for risky firms and reduced costs for non-risky firms due to enhanced banking competition. Post-liberalization, risky firms face reduced risk exposure but increased asset-liability mismatches, while experiencing declining growth prospects. Conversely, non-risky firms demonstrate improved growth prospects and higher profitability with increased long-term debt. These findings illuminate how banking sector liberalization shapes corporate financial strategies.
DOI	10.1111/jfir.12449
收录类别	SSCI
ISSN	0270-2592
语种	英语
WOS研究方向	Business & Economics
WOS类目	Business, Finance
WOS记录号	WOS:001379452000001
出版者	WILEY
原始文献类型	Article ; Early Access
EISSN	1475-6803
引用统计	被引频次[WOS]：0 [WOS记录] [WOS相关记录]
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/38513
专题	兰州财经大学
通讯作者	Wu, Kai
作者单位	1.LanZhou Univ Finance & Econ, Sch Finance, Lanzhou, Peoples R China; 2.Nankai Univ, Sch Finance, Tianjin, Peoples R China; 3.Cent Univ Finance & Econ, Sch Finance, Beijing, Peoples R China
第一作者单位	兰州财经大学
推荐引用方式 GB/T 7714	Rehman, Obaid Ur,Zhang, Linghao,Wu, Kai. Does interest rate liberalization affect corporate debt structure?[J]. JOURNAL OF FINANCIAL RESEARCH,2024.
APA	Rehman, Obaid Ur,Zhang, Linghao,&Wu, Kai.(2024).Does interest rate liberalization affect corporate debt structure?.JOURNAL OF FINANCIAL RESEARCH.
MLA	Rehman, Obaid Ur,et al."Does interest rate liberalization affect corporate debt structure?".JOURNAL OF FINANCIAL RESEARCH (2024).