公司资本结构有多稳定?

IF 0.6 3区 社会学 Q2 LAW American Bankruptcy Law Journal Pub Date : 2013-08-01 DOI:10.2139/ssrn.1784204
H. DeAngelo, Richard Roll
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引用次数: 85

摘要

杠杆横截面超过几年分开明显不同,相似之处蒸发的横截面之间的时间延长。许多公司在不同时期的杠杆率有高有低,但很少有公司的资产负债率一直保持在0.500以上。资本结构稳定是例外,而不是规则,主要发生在低杠杆下,而且实际上总是暂时的,许多公司在战后繁荣时期放弃了低杠杆。行业杠杆中值随时间变化很大。目标杠杆模型很少或根本不重视维持特定的杠杆比率,可以很好地复制实际杠杆横截面的实质性不稳定性。
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How Stable are Corporate Capital Structures?
Leverage cross sections more than a few years apart differ markedly, with similarities evaporating as the time between cross sections lengthens. Many firms have high and low leverage at different times, but few keep debt-to-assets ratios consistently above 0.500. Capital-structure stability is the exception, not the rule, occurs primarily at low leverage, and is virtually always temporary, with many firms abandoning low leverage during the post-war boom. Industry-median leverage varies widely over time. Target-leverage models that place little or no weight on maintaining a particular leverage ratio do a good job replicating the substantial instability of the actual leverage cross-section.
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