The DOI matches its Crossref record; 120 of the 120 references it cites were found in a registry or an index.
Anatomy of Corporate Borrowing Constraints*
Abstract
Macro-finance analyses commonly link firms’ borrowing constraints to the liquidation value of physical assets. For U.S. nonfinancial firms, we show that 20% of debt by value is based on such assets (asset-based lending in creditor parlance), whereas 80% is based predominantly on cash flows from firms’ operations (cash flow–based lending). A standard borrowing constraint restricts total debt as a function of cash flows measured using operating earnings (earnings-based borrowing constraints). These features shape firm outcomes on the margin: first, cash flows in the form of operating earnings can directly relax borrowing constraints; second, firms are less vulnerable to collateral damage from asset price declines, and fire sale amplification may be mitigated. Taken together, our findings point to new venues for modeling firms’ borrowing constraints in macro-finance studies.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Legal Determinants of External Finance
LA PORTA, R., LOPEZ‐DE‐SILANES, F., SHLEIFER, A., & VISHNY, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02727.x · Cited by 9,783
The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration
Grossman, S. J., & Hart, O. D. (1986) · Journal of Political Economy · doi:10.1086/261404 · Cited by 9,352
(2013) · American Economic Review · doi:10.1257/aer.103.6.i · Cited by 7,220
Williamson, O. E. (1975) · Cited by 6,810
Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
Kaplan, S. N., & Zingales, L. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555163 · Cited by 6,770
What Do We Know about Capital Structure? Some Evidence from International Data
RAJAN, R. G., & ZINGALES, L. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05184.x · Cited by 6,538
Financing Constraints and Corporate Investment
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988) · Brookings Papers on Economic Activity · doi:10.2307/2534426 · Cited by 5,574
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Cited by
The Rise of Finance Companies and FinTech Lenders in Small Business Lending
Gopal, M., & Schnabl, P. (2022) · The Review of Financial Studies · doi:10.1093/rfs/hhac034 · Cited by 363
Metadata
- Authors
- Lian, C., & Ma, Y.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2020-09-24
- Volume
- 136
- Issue
- 1
- Pages
- 229-291
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W3088378545
- Cited by
- 373
- References
- 120
- FWCI
- 88.13
- Type
- journal article
- Language
- en
- Open access
- closed
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