资本结构的新检验

C. Mayer, Oren Sussman
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引用次数: 125

摘要

本文对资本结构理论进行了新的检验。它使用一种过滤技术来识别大型投资峰值。我们发现,这些飙升的资金主要来自大公司的债务和小型亏损公司的新股本。在这一过程中,企业明显偏离了以前的资本结构,但随后又通过频繁发行少量股权而回归到原来的结构。无论是优序理论还是权衡理论本身都不能很好地描述企业融资的这些动态特征。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
A New Test of Capital Structure
This Paper reports a new test of capital structure theories. It uses a filtering technique to identify large investment spikes. We find that the spikes are predominantly financed with debt by large firms and by new equity by small loss-making firms. In the process, firms move significantly away from their previous capital structures but then revert back to them by making frequent issues of small amounts of equity. Neither the pecking order nor the trade-off theories on their own provide satisfactory descriptions of these dynamic features of corporate financing.
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