Bankruptcy Risk and Optimal Capital Structure
发现资本结构无关假说的实证检验存在缺陷，基于税收庇护与破产成本假说，用36个行业的失败率与杠杆率关系进行检验，结果不支持无关假说。
ABSTRACT This study finds shortcomings in empirical tests of the capital structure irrelevance hypothesis. The alternative hypothesis is that firms choose value maximizing mixes of debt and equity on account of bankruptcy costs and the tax deductibility of interest payments. Based upon the cross‐sectional implications of the tax shelter‐bankruptcy cost hypothesis, an alternative test of the irrelevance hypothesis is performed. The test examines the relationship between failure rates and leverage ratios for 36 lines of business. The results are inconsistent with the irrelevance hypothesis.