并购后的杠杆调整

Behavioral & Experimental Accounting eJournal Pub Date : 2017-04-01 DOI:10.1111/acfi.12148

Joye Khoo, Robert B. Durand, S. Rath

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引用次数: 14

摘要

澳大利亚公司有杠杆目标。当企业的杠杆率出现重大中断时，对目标资本结构的调整速度高于先前公布的估计。公司利用公司特有的特点来实现这些目标。盈利能力和现金水平是调整速度的重要驱动因素。盈利能力较低或现金水平较高的公司似乎调整得更快。

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Leverage Adjustment after Mergers and Acquisitions

Australian firms have leverage targets. Speeds of adjustment to a target capital structure are higher than previously published estimates when there are major disruptions to firms’ leverage ratios. Firms exploit company-specific characteristics to achieve these targets. Profitability and cash levels are important drivers of the speeds of adjustment. Firms, which have lower profitability or higher cash levels, appear to adjust faster.

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Behavioral & Experimental Accounting eJournal

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