The Irrelevance of Capital Structure for the Impact of Inflation on Investment
证明，在考虑债券和股票市场收益率均衡关系时，通货膨胀对投资的影响与资本结构无关；若费雪效应成立，预期通胀会降低投资门槛利率，但若实际利率随通胀上升，则可能提高门槛利率。
ABSTRACT Studies concerning the effect of inflation on firms' investment decisions suggest that the form of financing is relevant in assessing the effect of inflation on investment. This paper demonstrates that when the equilibrium relationship between market rates of return on bonds and stocks is considered, the effect of inflation on investment is independent of the capital structure. The paper also shows that when the ‘Fisher effect’ is assumed to hold, the cut‐off rate of return on investment declines with anticipated inflation independently of the financing. However, if the real interest rate rises with inflation, inflation may increase the cut‐off rate.