Pyramidal Groups and Debt
Pyramidal Groups and Debt
复制标题
金字塔群和债务
DOI：
10.1016/j.euroecorev.2004.11.001
复制
发表时间：
2006
影响因子：
2.8
通讯作者：
G. Nicodano
中科院分区：
文献类型：
--
作者：
M. Bianco;G. Nicodano
本文建议通过子公司举债来发挥控股公司的有限责任。然而，当这种行为增加了资金成本时，控股公司可能更愿意将债务提高到在子公司破产时也会违约的程度。会计标准控制后，我们发现，控股公司在意大利金字塔有更高的杠杆比子公司和子公司的企业家的现金流份额并没有发挥重要的作用。这些发现与我们的集团资本结构模型的含义是一致的。
This paper suggests that debt should be raised by subsidiaries in order to exploit the limited liability of the holding company. However, when this behavior increases the cost of funds, the holding might prefer to raise debt to a point where it would also default when subsidiaries are insolvent. After accounting for standard controls, we find that holding companies in Italian pyramids have higher leverage than subsidiaries and that the cash-flow share of the entrepreneur in the subsidiary does not play a significant role. These findings are consistent with the implications of our model of group capital structure.