Do Firms Purposefully Change Capital Structure? Evidence from an Investment-Opportunity Shock to Drug Firms
利用生物类似药法案带来的投资机会冲击，研究发现制药公司主动降低杠杆、缩短债务期限、增加无担保债务并减少可转债，以增强财务灵活性并保留借款能力。
Abstract We study the capital structure changes of drug firms after an investment-opportunity shock brought about by the Biologics Price Competition and Innovation Act. Using a difference-in-difference approach, we show that the shock led drug firms to make their capital structures less constraining by decreasing leverage, shortening debt maturity, increasing unsecured debt, and reducing convertible debt. New debt covenants became less restrictive and firms raised equity to preserve borrowing capacity. Our results support the view that firms actively manage their capital structures to bolster financial flexibility and increase debt capacity in response to new investment opportunities.