The Determinants of Capital Structure Choice
The Determinants of Capital Structure Choice
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DOI：
10.1111/j.1540-6261.1988.tb02585.x
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发表时间：
1988-03
影响因子：
8
通讯作者：
S. Titman;R. Wessels
中科院分区：
文献类型：
--
作者：
S. Titman;R. Wessels
本文分析了一些近期最优资本结构理论的解释力。该研究在三个方面拓展了资本结构理论的实证研究。首先，它考察了更广泛的一组资本结构理论，其中许多理论之前尚未经过实证分析。其次，由于这些理论对于不同类型的债务工具具有不同的实证含义，作者分析了短期、长期和可转换债务的度量，而非总债务的总体度量。第三，该研究使用了一种因子分析技术，缓解了在使用代理变量时遇到的度量问题。美国金融协会1988年版权所有。
This paper analyzes the explanatory power of some recent theories of optimal capital structure. The study extends empirical work on capital-structure theory in three ways. First, it examines a broader set of capital-structure theories, many of which have not previously been analyzed empirically. Second, since the theories have different empirical implications in regards to different types of debt instruments, the authors analyze measures of short-term, long-term, and convertible debt rather than an aggregate measure of total debt. And third, the study uses a factor-analytic technique that mitigates the measurement problems encountered when working with proxy variables. Copyright 1988 by American Finance Association.