G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w0747
来源IDWorking 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
URLhttps://www.nber.org/papers/w0747
来源智库National Bureau of Economic Research (United States)
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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.
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