Do Managers Have Capital Structure Targets? Evidence from Corporate Spinoffs
Do Managers Have Capital Structure Targets? Evidence from Corporate Spinoffs
复制标题
管理者有资本结构目标吗？
DOI：
10.1111/j.1745-6622.2005.019_1.x
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发表时间：
2005
影响因子：
0.9
通讯作者：
M. Partch
中科院分区：
文献类型：
--
作者：
Vikas Mehrotra;W. Mikkelson;M. Partch
资本结构的两种主要理论——权衡理论和优序理论——对公司杠杆和盈利能力之间的预期关系有着相反的预测。根据权衡理论，获得更高利润的公司将使用更多的债务来保护其收入免受公司税的影响，并约束公司的投资政策。相比之下，优序理论预测，盈利能力更高的公司借贷会更少，主要是因为它们借贷的需求更少。2005年，摩根士丹利。
The two main theories of capital structure-the tradeoff theory and the pecking order theory-have opposite predictions about the expected relationship between corporate leverage and profitability. According to the tradeoff theory, companies that earn higher profits will use more debt both to shield their income from corporate taxes and to discipline corporate investment policy. In contrast, the pecking order theory predicts that more profitable companies will borrow less mainly because they have less need to borrow. 2005 Morgan Stanley.