Are Firms Underleveraged? An Examination of the Effect of Leverage on Default Probabilities
Are Firms Underleveraged? An Examination of the Effect of Leverage on Default Probabilities
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企业杠杆率是否不足？
DOI：
10.1111/j.1540-6261.2005.00766.x
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发表时间：
2005
影响因子：
8
通讯作者：
Carlos A. Molina
中科院分区：
文献类型：
--
作者：
Carlos A. Molina
在企业融资中，一个普遍持有的观点是，考虑到债务可能带来的巨大税收利益，企业的杠杆率低于应有水平。在本文中，我研究了公司的杠杆对违约概率的影响，违约概率由公司的评级表示。使用工具变量的方法，我发现，杠杆的评级的影响是三倍强，如果不考虑杠杆的endoadjustment。这种更强的影响导致杠杆对财务困境的事前成本产生更大的影响，这可以抵消目前对债务税收优惠的估计。版权所有2005年由美国金融协会。
A commonly held view in corporate finance is that firms are less leveraged than they should be, given the potentially large tax benefits of debt. In this paper, I study the effect of firms' leverage on default probabilities as represented by the firms' ratings. Using an instrumental variable approach, I find that the leverage's effect on ratings is three times stronger than it is if the endogeneity of leverage is ignored. This stronger effect results in a higher impact of leverage on the ex ante costs of financial distress, which can offset the current estimates of the tax benefits of debt. Copyright 2005 by The American Finance Association.
影响因子：
8
作者：
S. Titman;R. Wessels
通讯作者：
S. Titman;R. Wessels