The Choice Between Equity and Debt: An Empirical Study
基于1959至1974年英国公司的证券发行数据，研究企业在特定时点如何选择债务或股权融资，发现市场条件、历史股价、目标债务水平以及公司规模、破产风险和资产构成均影响选择。
This empirical study of security issues by UK companies between 1959 and 1974 focuses on how companies select between financing instruments at a given point in time. It throws light on a number of interesting questions. First, it demonstrates that companies are heavily influenced by market conditions and the past history of security prices in choosing between debt and equity. Second, it provides evidence that companies appear to make their choice of financing instrument as if they have target levels of debt in mind. Finally, the results are consistent with the notion that these target debt levels are themselves a function of company size, bankruptcy risk, and asset composition.