欧洲股权总价值对债务总价值的回归研究

Aki Lappalainen
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摘要

Lappalainen (2020a, 2020b)的结果表明,在美国,随着时间的推移,股权总价值向债务总价值回归。使用类似于Lappalainen (2020a, 2020b)的方法,我研究了这种回归是否在26个欧洲国家和欧元区可见。我发现,在欧元区、捷克、芬兰、法国、德国、爱尔兰、意大利、荷兰、瑞典和英国,这种回归是可以观察到的,但在保加利亚、塞浦路斯、爱沙尼亚、立陶宛、葡萄牙、斯洛文尼亚和西班牙,这种回归是不可观察到的。其余的国家,奥地利、比利时、希腊、匈牙利、拉脱维亚、卢森堡、马耳他、波兰、罗马尼亚和斯洛伐克,结果好坏参半。
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On Regression of Total Value of Equity Toward Total Value of Debt in Europe
Results of Lappalainen (2020a, 2020b) suggest that total value of equity regresses toward total value of debt over time in the USA. Using methodology similar to Lappalainen (2020a, 2020b), I study if this regression is observable in 26 European countries and in Eurozone. I find that the regression is observable in Eurozone, Czechia, Finland, France, Germany, Ireland, Italy, Netherlands, Sweden and United Kingdom but unobservable in Bulgaria, Cyprus, Estonia, Lithuania, Portugal, Slovenia and Spain. For the remaining countries Austria, Belgium, Greece, Hungary, Latvia, Luxembourg, Malta, Poland, Romania and Slovakia, the results are mixed.
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