| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w0810
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| 来源ID | Working Paper 0810
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| Secular Patterns in Corporate Finance |
| Robert A. Taggart, Jr.
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| 发表日期 | 1981-12-01
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| 出版年 | 1981
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| 语种 | 英语
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| 摘要 | Trends in the financing of the corporate sector have been widely discussed in both business and academic circles. It is frequently argued, for example, that corporations' use of debt financing has increased dramatically in recent years. These discussions have been hampered, however, by the lack of a unified theoretical framework. In this paper, an attempt is made to develop such a framework using existing corporate finance theory and some extensions thereof. This theory is then used to interpret available data on aggregate corporate financing patterns over the course of the twentieth century. It is found that corporations' use of debt has undeniably increased in the post-World War II period. Nevertheless, the relative corporate debt level was unusually low in the 1940's and current debt levels are not unprecedented when viewed in the context of the entire century. The tax system, in conjunction with inflation, has probably played an important role in the postwar increases in corporate debt, but these factors appear insufficient to explain longer-term trends. It is argued, then, that supplies of competing securities, such as federal government bonds, as well as the secular development of the financial intermediary system, may also be important determinants of long-run corporate financing patterns. |
| 主题 | Financial Economics
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| URL | https://www.nber.org/papers/w0810
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558022
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推荐引用方式
GB/T 7714 |
Robert A. Taggart, Jr.. Secular Patterns in Corporate Finance. 1981.
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文件名：
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w0810.pdf
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格式：
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Adobe PDF
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