会计与财务[2018年第2期] 信用违约互换与公司创新

发布时间:2018-12-13

作者:CHANG Xin, CHEN Yangyang, WANG Sarah Qian, ZHANG Kuo, ZHANG Wenrui

关键字:CreditDefaultSwaps;CorporateInnovation;RiskTaking

摘要/Abstract

We show that credit default swap (CDS) trading on a firms debt positively influences its

technological innovation output measured by patents and patent citations. This positive effect is more pronounced in firms relying more on debt financing or being more subject to continuous monitoring by lenders prior to CDS trade initiation. Moreover, after CDS trade initiation, firms pursue more risky and original innovations and generate patents with higher economic value. Further analysis suggests that CDSs improve borrowing firmsinnovation output by enhancing lendersrisk tolerance and borrowersrisk taking in the innovation process rather than by increasing R&D investment. Taken together, our findings reveal the real effects of CDSs on companiesinvestments and technological progress.


全文阅读:https://www.sinoss.net/qikan/2018/1205/14625.html