What Do We Know about Capital Structure? Some Evidence from International Data
分析G7国家上市公司的融资决策，发现各国杠杆率相似，且美国研究中影响杠杆的因素在其他国家也相关，但理论解释仍不明确。
ABSTRACT We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries. At an aggregate level, firm leverage is fairly similar across the G‐7 countries. We find that factors identified by previous studies as correlated in the cross‐section with firm leverage in the United States, are similarly correlated in other countries as well. However, a deeper examination of the U.S. and foreign evidence suggests that the theoretical underpinnings of the observed correlations are still largely unresolved.