Labor unemployment risk and corporate debt maturity structure

• Main Authors: Bo-Wen Gu, 顧博文
• Other Authors: 黃泓人
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/5dm82f

碩士 === 國立中央大學 === 財務金融學系 === 106 === This paper selects data from American listed companies from 1981 to 2016 to test the relationship between the unemployment risk and the debt maturity structure. The hypothesis is that companies will reduce their perceived risk of unemployment by increasing short-term debt and then reduce the demand for compensating wage differentials. Empirical evidence shows that the unemployment insurance benefits last year has a significant negative relationship with the short-term debt ratio in three years. The results of all regression models are consistent with assumptions, and are statistically significant in terms of economics and statistics. The double difference model is verified by using the reselected samples. The two-stage GMM regression is used to solve the endogenous problem, and further finds that the empirical results are more obvious in enterprises with financing constraints. As a robustness test, this study uses the weekly maximum unemployment benefits to replace the original explanatory variables and use different short-term debt ratios to replace the original interpreted variables. In addition, the falsification test shows that the change of debt maturity is related to the change of unemployment benefits in the previous year rather than in the year or year ahead. Finally, this study also confirms that political factors do not affect the main conclusions.