An International Comparison of Capital Structure and Debt Maturity Choices
An International Comparison of Capital Structure and Debt Maturity Choices
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DOI：
10.2139/ssrn.423483
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发表时间：
2010-10
影响因子：
3.9
通讯作者：
Joseph P H Fan;Garry J. Twite;S. Titman
中科院分区：
文献类型：
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作者：
Joseph P H Fan;Garry J. Twite;S. Titman
摘要本研究考察了39个发达国家和发展中国家的制度环境如何影响企业的资本结构和债务期限选择。我们发现，一个国家的法律和税收制度、腐败和资本提供者的偏好解释了杠杆率和债务到期率变化的重要部分。具体来说，腐败程度较高的国家和法律薄弱的国家的公司倾向于使用更多的债务，尤其是短期债务；明确的破产法和存款保险与更高的杠杆率和更多的长期债务有关。更多的债务被用于那些从杠杆中获得更大税收收益的国家。
Abstract This study examines how the institutional environment influences capital structure and debt maturity choices of firms in 39 developed and developing countries. We find that a country’s legal and tax system, corruption, and the preferences of capital suppliers explain a significant portion of the variation in leverage and debt maturity ratios. Specifically, firms in more corrupt countries and those with weaker laws tend to use more debt, especially short-term debt; explicit bankruptcy codes and deposit insurance are associated with higher leverage and more long-term debt. More debt is used in countries where there is a greater tax gain from leverage.