| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w0747 |
| 来源ID | Working Paper 0747 |
| Capital Structure Equilibrium under Incomplete Market Conditions | |
| Lemma W. Senbet; Robert A. Taggart, Jr. | |
| 发表日期 | 1981-09-01 |
| 出版年 | 1981 |
| 语种 | 英语 |
| 摘要 | Most discussions of corporate capital structure have been set in the context of a complete capital market. In this paper we study the determinants of capital structure for the incomplete markets case, where incompleteness manifests itself in the form of divergent borrowing and lending rates. We argue that firms have a natural incentive to tailor their financing choices so as to narrow such divergences. While this implies an optimal capital structure for firms in the aggregate, however, competition will drive out profits, and the capital structure of any individual firm may still be a matter of indifference. Firms' incentive to try to complete the market provides a rationale for corporate finance even in a taxless environment. This incentive may also shed light on such related issues as corporate mergers, the use of complex securities and the role of financial intermediaries. |
| 主题 | Financial Economics |
| URL | https://www.nber.org/papers/w0747 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/557955 |
| 推荐引用方式 GB/T 7714 | Lemma W. Senbet,Robert A. Taggart, Jr.. Capital Structure Equilibrium under Incomplete Market Conditions. 1981. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w0747.pdf（279KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
