I examine how the investment behavior of bond mutual funds affects corporate financing decisions. Mutual funds that hold a firm’s existing bonds have a high propensity to acquire additional new issuances from the same firm. I utilize this stylized fact to construct a firm-specific bond capital supply measure by aggregating flows from a firm’s existing bondholders. Firms with a higher flow-driven capital supply are more likely to issue bonds, enjoy lower yields, and substitute away from equity financing and bank loans. Information acquisition costs and underwriter relationship likely contribute to the impact of flow-driven capital supply.

中文翻译：

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资本供应和公司债券发行：来自共同基金流动的证据

我研究了债券共同基金的投资行为如何影响公司融资决策。持有公司现有债券的共同基金很容易从同一家公司获得额外的新债券。我利用这个程式化的事实，通过汇总公司现有债券持有人的流量来构建特定于公司的债券资本供应量度。流动驱动型资本供给较高的公司更有可能发行债券，享受较低的收益率，并取代股权融资和银行贷款。信息获取成本和承销商关系可能会影响流量驱动的资本供应。