Are Corporate Default Probabilities Consistent with the Static Trade-off Theory?
通过回归违约概率对债务成本和收益代理变量的影响，直接检验静态权衡理论，发现小公司和资产有形性低的公司反而选择更高破产风险的资本结构，与理论预测相反。
Default probability plays a central role in the static trade-off theory of capital structure. We directly test this theory by regressing the probability of default on proxies for costs and benefits of debt. Contrary to predictions of the theory, firms with higher bankruptcy costs, i.e., smaller firms and firms with lower asset tangibility, choose capital structures with higher bankruptcy risk. Further analysis suggests that the capital structures of smaller firms with lower asset tangibility--which tend to have less access to capital markets--are more sensitive to negative profitability and equity value shocks, making them more susceptible to bankruptcy risk. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.