The Firm Size and Leverage Relationship and its Implications for Entry and Concentration in a Low Interest Rate World

Satyajit Chatterjee, Burcu Eyigungor
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引用次数: 6

Abstract

Larger firms (by sales or employment) have higher leverage. This pattern is explained using a model in which firms produce multiple varieties and borrow with the option to default against their future cash flow. A variety can die with a constant probability, implying that bigger firms (those with more varieties) have lower coefficient of variation of sales and higher leverage. A lower risk-free rate benefits bigger firms more as they are able to lever more and existing firms buy more of the new varieties arriving into the economy. This leads to lower startup rates and greater concentration of sales.
低利率环境下企业规模与杠杆关系及其对进入和集中的影响
大公司(按销售额或雇员计算)的杠杆率更高。这种模式可以用一个模型来解释,在这个模型中,企业生产多种品种,并在借款时拥有对未来现金流违约的选择权。一个品种可能以恒定的概率死亡,这意味着大公司(拥有更多品种的公司)的销售变动系数更低,杠杆率更高。较低的无风险利率对大公司更有利,因为它们能够杠杆化更多,现有公司购买更多进入经济的新品种。这导致了较低的启动率和更高的销售集中度。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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