{"title":"企业投融资动态","authors":"Dirk Hackbarth, Dongming Sun","doi":"10.1093/rcfs/cfad009","DOIUrl":null,"url":null,"abstract":"Abstract We consider the behavior of leverage ratios in a trade-off model with investment. Debt underutilization to retain financial flexibility persists even when firms exercise their last investment options, and it is more (less) severe for more back-loaded (front-loaded) investment opportunities. Leverage paths crucially hinge on the structure of the investment process, which leads firms to have significantly different target leverage ratios. Structural estimation of key parameters reveals that simulated model moments can match data moments. In simulated panels, leverage regression results are in line with the evidence, and average leverage ratios are path-dependent and persistent for extended periods of time. (JEL G31, G32) Received June 11, 2018; editorial decision December 20, 2022 by Editor Uday Rajan","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"4 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Corporate Investment and Financing Dynamics\",\"authors\":\"Dirk Hackbarth, Dongming Sun\",\"doi\":\"10.1093/rcfs/cfad009\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Abstract We consider the behavior of leverage ratios in a trade-off model with investment. Debt underutilization to retain financial flexibility persists even when firms exercise their last investment options, and it is more (less) severe for more back-loaded (front-loaded) investment opportunities. Leverage paths crucially hinge on the structure of the investment process, which leads firms to have significantly different target leverage ratios. Structural estimation of key parameters reveals that simulated model moments can match data moments. In simulated panels, leverage regression results are in line with the evidence, and average leverage ratios are path-dependent and persistent for extended periods of time. (JEL G31, G32) Received June 11, 2018; editorial decision December 20, 2022 by Editor Uday Rajan\",\"PeriodicalId\":75179,\"journal\":{\"name\":\"The review of corporate finance studies\",\"volume\":\"4 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-04-13\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"The review of corporate finance studies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1093/rcfs/cfad009\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"The review of corporate finance studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/rcfs/cfad009","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
摘要
摘要考虑了投资权衡模型中杠杆率的变化规律。即使在公司行使最后的投资选择权时，保持财务灵活性的债务利用不足仍然存在，对于更多的后负荷(前负荷)投资机会来说，这种情况更严重(不那么严重)。杠杆路径在很大程度上取决于投资过程的结构，这导致企业具有显著不同的目标杠杆率。关键参数的结构估计表明，模拟模型矩与数据矩匹配良好。在模拟面板中，杠杆回归结果与证据一致，平均杠杆率具有路径依赖性，并且在较长时间内持续存在。(JEL G31, G32)收稿2018年6月11日;编辑决定，2022年12月20日，编辑Uday Rajan
Abstract We consider the behavior of leverage ratios in a trade-off model with investment. Debt underutilization to retain financial flexibility persists even when firms exercise their last investment options, and it is more (less) severe for more back-loaded (front-loaded) investment opportunities. Leverage paths crucially hinge on the structure of the investment process, which leads firms to have significantly different target leverage ratios. Structural estimation of key parameters reveals that simulated model moments can match data moments. In simulated panels, leverage regression results are in line with the evidence, and average leverage ratios are path-dependent and persistent for extended periods of time. (JEL G31, G32) Received June 11, 2018; editorial decision December 20, 2022 by Editor Uday Rajan
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