Corporate Behavior in Adjusting to Capital Structure and Dividend Targets: An Econometric Study
利用美国企业数据，考察长期债务、短期债务、流动性、新股发行和股利支付等融资决策，发现企业会部分调整至长期财务目标，且调整速度受公司规模、利率和股价影响。
ABSTRACT This study of financing decisions by U.S. corporations examines the issuance of long term debt, issuance of short term debt, maintenance of corporate liquidity, issuance of new equity, and payment of dividends. Given costs and imperfections inherent in markets, a firm's financial behavior is characterized as partial adjustment to long run financial targets. Individual firm data are used so that speeds of adjustment are allowed to vary by company and over time. The results suggest that financial decisions are interdependent and that firm size, interest rate conditions, and stock price levels affect speeds of adjustment.