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| Inflation Expectations and Corporate Bank Debt Financing |
| LI Qingyuan, WU Suyun, WANG Hongjian
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School of Economics and Management, Wuhan University;
Guanghua School of Management, Peking University;
School of Management, Jinan University |
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Abstract Based on the bank-dominated financial institutional environment in China, this paper uses the quarterly data from A-share listed companies in Shanghai and Shenzhen Exchange to investigate how inflation expectations affect corporate bank debt financing. The results are: First, inflation expectations decrease actual interest rate, therefore, expected inflation is positively related with the level of corporate bank debt, implying that inflation expectations are important determinants of capital structure. Second, when expected inflation is high, Credit reluctance and bank discrimination are more severe among commercial banks. As a result, SOEs can borrow money more easily from banks. Thus, in SOEs, the positive relationship between expected inflation and bank debt level is more significant. Third, inflation expectations also affect firms’ deviation from optimal bank debt structure. Specifically, conservative firms optimize debt structure while aggressive firms deviate more from optimal debt structure. In further analysis, we find that the expected inflation is also positively related with the change of bank debt; if the company borrow money more easily from banks, inflation expectation has greater effect on these firms’ bank debt financing. This study enriches the literature of capital structure determinants and macro policy and micro activities, investigates the macro determinants of capital structure, and helps the government and firms cope with inflation better.
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Received: 20 August 2015
Published: 19 April 2018
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