资产寿命、杠杆率和债务期限匹配

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2024-02-09 DOI:10.1016/j.jfineco.2024.103796

Thomas Geelen , Jakub Hajda , Erwan Morellec , Adam Winegar

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引用次数: 0

摘要

资本会老化，最终必须被替换。我们提出了一种融资理论，即企业借贷为投资提供资金，并随着资本的老化而去杠杆化，以便有足够的资金空隙为替换投资提供资金。为了实现这些动态变化，企业发行债务的期限要与资产的使用寿命相匹配，而偿还时间表则要反映出随着资本老化释放债务能力的需要。在模型中，杠杆率和债务期限与资本年龄呈负相关，而债务期限和债务周期的长短与资产寿命呈正相关。我们提供的经验证据有力地支持了这些预测。

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Asset life, leverage, and debt maturity matching

Capital ages and must eventually be replaced. We propose a theory of financing in which firms borrow to finance investment and deleverage as capital ages to have enough financial slack to finance replacement investments. To achieve these dynamics, firms issue debt with a maturity that matches the useful life of assets and a repayment schedule that reflects the need to free up debt capacity as capital ages. In the model, leverage and debt maturity are negatively related to capital age while debt maturity and the length of debt cycles are positively related to asset life. We provide empirical evidence that strongly supports these predictions.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.