Operating Leverage, Profitability, and Capital Structure
研究了经营杠杆如何提高企业盈利能力并降低最优财务杠杆，从而解释盈利能力和财务杠杆之间的负相关关系，并利用中国加入WTO对美国企业资本劳动比的影响进行实证分析。
Operating leverage increases profitability and reduces optimal financial leverage. Thus, operating leverage generates a negative relation between profitability and financial leverage that is thought to be inconsistent with the trade-off theory but is commonly observed in the data. We demonstrate the effect of operating leverage on firms’ profitability and financial leverage, as well as on the empirical relation between profitability and financial leverage, by using China’s entry into the World Trade Organization in 2001 and its effect on the capital–labor ratio of U.S. firms.