银行信贷和企业营运资金管理外文文献.pdfVIP

Journal of Corporate Finance 48 (2018) 579 –596 Contents lists available at ScienceDirect Journal of Corporate Finance jour nal homepage: www.el sevier. com/ locate/ jcorpfin Review Bank credit and corporate working capital management Chongyang Chen a,1, Robert Kieschnick b,⁎,1 a Pacifi c Lutheran University, 12180 Park Ave S, Tacoma, WA 98447, United States b University of Texas at Dallas, 800 W. Campbell Rd, SM31, Richardson, TX 75080, United States a r t i c l e i n f o a b s t r a c t Article history: We investigate how changes in the availability of bank credit influence how public firms man- Received 4 July 2017 age their working capital, which is essential to their operations. In doing so, we provide an en- Received in revised form 5 November 2017 hanced understanding of what significantly influences corporate working capital management. Accepted 8 December 2017 We find that changes in the availability of bank credit significantly influence a number of as- Available online 12 December 2017 pects of a firms working capital policies, and these effects often differ across firms that are more or less dependent on bank financing. Interestingly, our evidence points to the importance JEL classifi cation: of the changing mix of U.S. companies for working capital practices. G21