Asset Liquidity and Capital Structure
利用美国上市公司数据，检验资产流动性对资本结构的影响，发现杠杆率与资产流动性正相关，且对担保债务和非担保债务的影响不同，支持财务困境成本和管理层自由裁量权成本假说。
Abstract This paper tests alternative theories about the effect of asset liquidity on capital structure. Using data from a broad sample of U.S. public companies, I find that leverage is positively related to asset liquidity. Further analysis reveals that the relation between asset liquidity and secured debt is positive, whereas the relation between asset liquidity and unsecured debt is curvilinear. The results are consistent with the view that the costs of financial distress and inefficient liquidation are economically important and that they affect capital structure decisions. In addition, the results are consistent with the hypothesis that the costs of managerial discretion increase with asset liquidity.