Capital structure dynamics and transitory debt

被引：224

作者：

DeAngelo, Harry ^{[2
]}

DeAngelo, Linda ^{[2
]}

Whited, Toni M. ^{[1
]}

机构：

[1] Univ Rochester, William E Simon Grad Sch Business Adm, Rochester, NY 14627 USA

[2] Univ So Calif, Marshall Sch Business, Los Angeles, CA 90089 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2011年 / 99卷 / 02期

关键词：

Dynamic capital structure; Financial flexibility; Target capital structure; INVESTMENT DECISIONS; AGENCY COSTS; CORPORATE; ADJUSTMENT; FIRMS; MODEL; CONSTRAINTS; INFORMATION; DIVIDENDS; MARKETS;

D O I：

10.1016/j.jfineco.2010.09.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Firms deliberately but temporarily deviate from permanent leverage targets by issuing transitory debt to fund investment. Leverage targets conservatively embed the option to issue transitory debt, with the evolution of leverage reflecting the sequence of investment outlays. We estimate a dynamic capital structure model with these features and find that it replicates industry leverage very well, explains debt issuances/repayments better than extant tradeoff models, and accounts for the leverage changes accompanying investment "spikes." It generates leverage ratios with slow average speeds of adjustment to target, which are dampened by intentional temporary movements away from target, not debt issuance costs. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：235 / 261

页数：27

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