We assess the effect and the timing of the corporate arm of the ECB quantitative easing (CSPP) on corporate bond issuance. Because of several contemporaneous measures, to isolate the programme effects we rely on one key eligibility feature: the euro denomination of newly issued bonds. We find that the significant increase in bonds issuance by eligible firms is due to the CSPP and that this effect took at least six months to unfold. This result holds even when comparing firms with similar ratings, thus providing evidence that unconventional monetary policy can foster a financing diversification regardless of firms’ risk profile. We also highlight the impact of the programme on the real economic activity. The evidence suggests that while all firms increased investment in capital expenditures and intangible assets, the CSPP induced eligible firms to invest in marketable and equity securities, to repurchase their own stocks, to hold cash and to carry out short-term investment.

我们评估了欧洲央行量化宽松（CSPP）公司部门对公司债券发行的影响和时机。由于采取了多种同期措施，为了隔离计划的影响，我们依靠一项关键的资格特征：新发行债券的欧元计价。我们发现，符合条件的公司发行债券的大幅增加归因于CSPP，这种影响至少需要六个月才能显现出来。即使在比较具有相似评级的公司时，该结果仍然成立，从而提供了证据，表明非常规货币政策可以促进融资多元化，而与公司的风险状况无关。我们还强调了该计划对实际经济活动的影响。有证据表明，尽管所有公司都增加了对资本支出和无形资产的投资，