Do Firms Target Credit Ratings or Leverage Levels?
研究发现，信用评级下调后企业会减少杠杆，尤其是降至投机级时，降债概率翻倍；而评级上调不影响资本结构，说明企业追求的是最低评级门槛。
Abstract Firms reduce leverage following credit rating downgrades. In the year following a downgrade, downgraded firms issue approximately 1.5%–2.0% less net debt relative to net equity as a percentage of assets compared to other firms. This relationship persists within an empirical model of target leverage behavior. The effect of a downgrade is larger at downgrades to a speculative grade rating and if commercial paper access is affected. In particular, firms downgraded to speculative are about twice as likely to reduce debt as other firms. Rating upgrades do not affect subsequent capital structure activity, suggesting that firms target minimum rating levels.