Dynamic Capital Structure Choice: Theory and Tests
构建了一个存在资本重组成本的动态资本结构选择模型，发现即使很小的成本也会导致企业债务比率大幅波动，并用企业债务比率范围作为实证指标，检验结果支持该动态模型。
ABSTRACT This paper develops a model of dynamic capital structure choice in the presence of recapitalization costs. The theory provides the optimal dynamic recapitalization policy as a function of firm‐specific characteristics. We find that even small recapitalization costs lead to wide swings in a firm's debt ratio over time. Rather than static leverage measures, we use the observed debt ratio range of a firm as an empirical measure of capital structure relevance. The results of empirical tests relating firms' debt ratio ranges to firm‐specific features strongly support the theoretical model of relevant capital structure choice in a dynamic setting.