AN EMPIRICAL MODEL OF CAPITAL STRUCTURE: SOME NEW EVIDENCE
用自回归分布滞后模型估计企业资本结构的长期稳态决定因素，发现杠杆率与公司税率和规模正相关，与增长机会和股票回报负相关，但短期关系不显著。
Using a general autoregressive distributed lag model, we estimate the longrun steady state determinants of corporate capital structure. We find that, in the long run, the leverage ratio is related positively to the corporate tax rate and firm size and negatively to future growth opportunities and stock returns. By contrast, there appears to be no relation between leverage and the corporate tax rate on a short‐run year to year basis. Our results suggest that prior empirical evidence on capital structure is of questionable value precisely because of its failure to clearly separate the short‐run relationship between leverage and its determinants from its long‐run relationship.