Credit default swaps and corporate innovation

被引：183

作者：

Chang, Xin ^{[1
]}

Chen, Yangyang ^{[2
]}

Wang, Sarah Qian ^{[3
]}

Zhang, Kuo ^{[4
]}

Zhang, Wenrui ^{[5
]}

机构：

[1] Nanyang Technol Univ, Nanyang Business Sch, Block S3,50 Nanyang Ave, Singapore 639798, Singapore

[2] Hong Kong Polytech Univ, Sch Accounting & Finance, Hung Hom, Kowloon, Hong Kong, Peoples R China

[3] Univ Warwick, Warwick Business Sch, Finance Grp, Coventry CV4 7AL, W Midlands, England

[4] Shanghai Jiao Tong Univ, Antai Coll Econ & Management, 1954 Huashan Rd, Shanghai 200030, Peoples R China

[5] Chinese Univ Hong Kong, Dept Finance, CUHK Business Sch, Shatin, 12 Chak Cheung St, Hong Kong, Peoples R China

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2019年 / 134卷 / 02期

关键词：

Credit default swaps; Corporate innovation; Risk-taking; Financial innovation; RESEARCH-AND-DEVELOPMENT; AGENCY COSTS; CASH FLOW; GOVERNANCE; EQUITY; INVESTMENT; RISK; FIRM; DERIVATIVES; ALLOCATION;

D O I：

10.1016/j.jfineco.2017.12.012

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We show that credit default swap (CDS) trading on a firm's 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 firms' innovation output by enhancing lenders' risk tolerance and borrowers' risk-taking in the innovation process, rather than by increasing Research and Development (R&D) investment. Taken together, our findings reveal the real effects of CDSs on companies' investments and technological progress. (C) 2019 Elsevier B.V. All rights reserved.

引用

页码：474 / 500

页数：27

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