Further Evidence on the Capital Structure of REITs
研究了1990至2008年间房地产投资信托资本结构的影响因素，发现资产有形性与杠杆正相关，盈利能力和市值账面比与杠杆负相关，结果支持市场时机和权衡理论，不支持优序融资理论。
This study examines the determinants of real estate investment trust (REIT) capital structure decisions from 1990 to 2008. Using a broad sample of 2,409 firm‐year observations, we find that asset tangibility is positively related to leverage, whereas profitability and market‐to‐book ratios are negatively related. Additional evidence suggests that firm debt capacity varies systematically with the unique operating and financing mechanisms employed by REITs. These results are robust across both aggregate firm debt levels and marginal security issuance decisions. Finally, our results provide further insight into competing capital structure theories, generally supporting empirical predictions derived from the market timing and trade‐off theories, although failing to support pecking order theory predictions.