The Determinants of Capital Structure Choice
分析了几种最优资本结构理论的解释力，通过考察更广泛的理论、区分不同债务类型并使用因子分析技术，为理解企业债务选择提供了新证据。
ABSTRACT This paper analyzes the explanatory power of some of the recent theories of optimal capital structure. The study extends empirical work on capital structure theory in three ways. First, it examines a much broader set of capital structure theories, many of which have not previously been analyzed empirically. Second, since the theories have different empirical implications in regard to different types of debt instruments, the authors analyze measures of short‐term, long‐term, and convertible debt rather than an aggregate measure of total debt. Third, the study uses a factor‐analytic technique that mitigates the measurement problems encountered when working with proxy variables.