Debt Dynamics
构建了一个动态权衡模型，包含累进公司税、个人税、财务困境成本和股权发行成本，解释了为何企业没有目标杠杆率、杠杆路径依赖等实证现象，对研究资本结构的学者有参考价值。
ABSTRACT We develop a dynamic trade‐off model with endogenous choice of leverage, distributions, and real investment in the presence of a graduated corporate income tax, individual taxes on interest and corporate distributions, financial distress costs, and equity flotation costs. We explain several empirical findings inconsistent with the static trade‐off theory. We show there is no target leverage ratio, firms can be savers or heavily levered, leverage is path dependent, leverage is decreasing in lagged liquidity, and leverage varies negatively with an external finance weighted average Q . Using estimates of structural parameters, we find that simulated model moments match data moments.