Real Assets, Liquidation Value and Choice of Financing
利用房地产企业数据，研究资产清算价值如何影响企业融资选择，发现发行债务的企业资产质量更高，且预期清算价值的影响显著。
Abstract We use real estate firms to examine how asset liquidation values influence a firm's financing choice, because the productivity and quality of each asset is observable and potential measures of an asset's liquidation value are easier to ascertain ex ante . We show that compared to firms that issue equity, firms that issue debt have higher asset quality. The effect of their expected asset liquidation value is significant, even after we control for other factors that influence financing decisions. For firms whose assets' quality is not easily observable, we find that firms' financing choices depend heavily on conditions in the overall real estate market.