Optimal Capital Structure and Industry Dynamics
构建了一个竞争均衡模型，研究企业融资、投资、进入和退出决策如何影响资本结构选择，并揭示均衡产出价格的反馈效应，例如高增长行业杠杆率和周转率较低。
ABSTRACT This paper provides a competitive equilibrium model of capital structure and industry dynamics. In the model, firms make financing, investment, entry, and exit decisions subject to idiosyncratic technology shocks. The capital structure choice reflects the tradeoff between the tax benefits of debt and the associated bankruptcy and agency costs. The interaction between financing and production decisions influences the stationary distribution of firms and their survival probabilities. The analysis demonstrates that the equilibrium output price has an important feedback effect. This effect has a number of testable implications. For example, high growth industries have relatively lower leverage and turnover rates.