Asian companies seem to be weathering the financial storms roiling global capital markets relatively well, according to the preliminary results of Greenwich Associates 2008 Asian Corporate Banking Study.
The study showed 42% of Asian companies said they require more money for capital expenditure financing, compared to 13% in the U.S. and 10% in Europe.
Also, about 20% of Asian companies said their ability to access funding for ongoing operations has been curtailed by market dislocations, compared to 25% of European companies. Information on what proportion of U.S. companies have experienced financing problems was not immediately available.
As of mid-October, Asian companies were reporting that credit conditions appeared to be holding up relatively well, compared to those facing U.S. and European companies, Markus Ohlig, Singapore-based consultant with Greenwich Associates, said in a news release.
Mr. Ohlig couldnt be reached for further comment as to whether relatively sharp declines over the past week in markets in Tokyo and Hong Kong pointed to growing pessimism in Asia.