Do Tests of Capital Structure Theory Mean What They Say?
通过校准的动态权衡模型模拟企业资本结构路径，发现标准横截面检验结果与实证文献一致，但某些检验的标准解释会拒绝其基础模型，提示需要重新思考资本结构检验方法。
ABSTRACT In the presence of frictions, firms adjust their capital structure infrequently. As a consequence, in a dynamic economy the leverage of most firms is likely to differ from the “optimum” leverage at the time of readjustment. This paper explores the empirical implications of this observation. I use a calibrated dynamic trade‐off model to simulate firms' capital structure paths. The results of standard cross‐sectional tests on these data are consistent with those reported in the empirical literature. In particular, the standard interpretation of some test results leads to the rejection of the underlying model. Taken together, the results suggest a rethinking of the way capital structure tests are conducted.