全球智库信息集成服务系统(G2TT): Does the Source of Capital Affect Capital Structure?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w9930
来源ID	Working Paper 9930
	Does the Source of Capital Affect Capital Structure?
	Michael Faulkender; Mitchell A. Petersen
发表日期	2003-09-01
出版年	2003
语种	英语
摘要	Empirical examinations of capital structure have led some to conclude that firms are under-levered. Implicit in this argument and much of the empirical work on leverage is the assumption that the availability of incremental capital depends solely on the risk of the firm's cash flows and characteristics of the firm. However, the same market frictions that make capital structure relevant suggest that firms may be rationed by lenders, leading some firms to appear to be under-levered relative to unconstrained firms. We examine this theory, arguing that the same characteristics that may be associated with firms being rationed by the debt markets are also associated with financial intermediaries, opposed to bond markets, being the source of a firm's debt capital. We find that firms have significantly different leverage ratios based on whether they have access to public bond markets as measured by the firm having a debt rating. Although firms with a debt rating are fundamentally different, these differences do not explain our findings. Even after controlling for the firm characteristics previously found to determine observed capital structure and the possible endogeneity of having a bond rating, we find that firms which are able to raise debt from public markets have 40 percent more debt.
主题	Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w9930
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/567555
推荐引用方式 GB/T 7714	Michael Faulkender,Mitchell A. Petersen. Does the Source of Capital Affect Capital Structure?. 2003.

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
w9930.pdf（304KB）	智库出版物		限制开放	CC BY-NC-SA	浏览