Abstract:
This study employs Chinese Industrial Enterprises Database to examine the impact of interest rate volatility on firm inventory investment behavior. We find that: (1) financially more constrained firms have a more negative exposure of their inventory investment to interest rate volatility because of the asymmetry of the interest rate channel; (2) the effect is more significant on the state-owned enterprises; (3) financial marketization helps alleviate the negative effect. Our results support the view that, as China liberalizes its interest rates, the central bank should take measures to avoid the emergence of large fluctuations.
戴严科, 林曙. 利率波动、融资约束与存货投资——来自中国制造业企业的证据[J]. 金融研究, 2017, 442(4): 95-111.
DAI Yanke, LIN Shu. Interest Rate Volatility, Financial Constraints, and Inventory Investment:Evidence from Chinese Manufactural Firms. Journal of Financial Research, 2017, 442(4): 95-111.
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