What Do We Know about Capital Structure? Some Evidence from International Data
分析主要工业化国家上市公司的融资决策，发现G7国家企业杠杆率总体相似，且美国研究中影响资本结构的因素在其他国家也起作用，但背后的理论解释仍不明确。
We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries. At an aggregate level, firm leverage is fairly similar across the G-7 countries. We find that factors identified by previous studies as important in determining the cross- section of capital structure in the U.S. affect firm leverage in other countries as well. However, a deeper examination of the U.S. and foreign evidence suggests that the theoretical underpinnings of the observed correlations are still largely unresolved.