DETERMINANTS OF CORPORATE BORROWING
DETERMINANTS OF CORPORATE BORROWING
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DOI：
10.1016/0304-405x(77)90015-0
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发表时间：
1977-01-01
影响因子：
8.9
通讯作者：
MYERS, SC
中科院分区：
文献类型：
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作者：
MYERS, SC
许多公司资产，特别是增长机会，可以被视为看涨期权。这种“真实的期权”的价值取决于公司未来可自由支配的投资。发行风险债券会导致持有真实的期权的公司采取次优投资策略，或者迫使公司及其债权人承担避免次优策略的成本，从而降低公司的当前市场价值。文章预测，企业借款与真实的期权占市场价值的比例呈负相关关系。它还使公司借贷行为的其他方面合理化，例如使资产和债务的期限相匹配的做法。
Many corporate assets, particularly growth opportunities, can be viewed as call options. The value of such ‘real options’ depends on discretionary future investment by the firm. Issuing risky debt reduces the present market value of a firm holding real options by inducing a suboptimal investment strategy or by forcing the firm and its creditors to bear the costs of avoiding the suboptimal strategy. The paper predicts that corporate borrowing is inversely related to the proportion of market value accounted for by real options. It also rationalizes other aspects of corporate borrowing behavior, for example the practice of matching maturities of assets and debt liabilities.