Debt Capacity and Tests of Capital Structure Theories
研究了在资本结构理论检验中明确纳入债务能力指标的影响，发现无债务能力顾虑时债务优于股权，债务能力顾虑解释了上市公司外部股权融资，并调和了高增长小公司频繁发行股票与融资优序理论的矛盾。
Abstract We examine the impact of explicitly incorporating a measure of debt capacity in recent tests of competing theories of capital structure. Our main results are that if external funds are required, in the absence of debt capacity concerns, debt appears to be preferred to equity. Concerns over debt capacity largely explain the use of new external equity financing by publicly traded firms. Finally, we present evidence that reconciles the frequent equity issues by small, high-growth firms with the pecking order. After accounting for debt capacity, the pecking order theory appears to give a good description of financing behavior for a large sample of firms examined over an extended time period.