金融冲击向异质企业的传导：基于收益的借贷约束渠道

This working paper by Livia Chiţu, Magdalena Grothe, Tatjana Schulze, and Ine Van Robays examines the impact of financial shocks on heterogeneous firms through the earnings-based borrowing constraint channel. The authors find that during a financial shock, firms with higher earnings-to-debt ratios are more likely to experience a decline in their borrowing capacity, leading to a contraction in investment and output. The study also highlights the importance of considering the heterogeneity of firms when analyzing the transmission of financial shocks. The views expressed in the paper are those of the authors and do not necessarily reflect the views of the European Central Bank or the IMF.

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