Capital Structure Decisions in Real Estate Investment
研究了房地产投资者在收购收益性房产时的融资决策，构建了资本结构模型，并用十五年公寓和商业交易数据验证了折旧扣除、财务困境成本等因素对贷款价值比的影响。
This study examines the financing decisions of real estate investors and the choice of capital structure when acquiring income‐producing properties. Drawing from the literature in finance and real estate, we develop a capital structure model for real estate investment and derive six hypotheses regarding the relationship of the overall loan‐to‐value ratio chosen by an investor to selected characteristics of the investment. The hypotheses are then tested using financing data from a sample of apartment and commercial transactions over a fifteen‐year period in a specific real estate market. The empirical findings strongly support the importance of depreciation deductions, financial distress costs, capital constraints, tax rates, and interest rates as determinants of the capital structure of real estate investors.