Actively Keeping Secrets From Creditors: Evidence From the Uniform Trade Secrets Act
研究发现，当企业更有动力利用商业秘密保护知识产权时，会主动调整资本结构，减少债务、增加无形资产投资，并通过发行更多股权来融资，这导致债务成本上升。
Abstract We find that an increase in a firm’s incentives to use trade secrets to protect its intellectual property results in a more actively managed capital structure. Exploiting U.S. states’ adoption of the Uniform Trade Secrets Act as a positive “shock” in the protection afforded to trade secrets, we find that firms covered by the Act reduce debt levels while increasing investments in intangibles. Additional tests suggest that firms fund these financing and investment activities by issuing more equity. Consistent with an increase in overall intangibility magnifying contracting problems with creditors, we find that covered firms experience higher costs of debt.