| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20009 |
| 来源ID | Working Paper 20009 |
| Debt, Taxes, and Liquidity | |
| Patrick Bolton; Hui Chen; Neng Wang | |
| 发表日期 | 2014-03-27 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We analyze a model of optimal capital structure and liquidity choice based on a dynamic tradeoff theory for financially constrained firms. In addition to the classical tradeoff between the expected tax advantages of debt and bankruptcy costs, we introduce a cost of external financing for the firm, which generates a precautionary demand for liquidity and an optimal liquidity management policy for the firm. An important new cost of debt financing in this context is an endogenous debt servicing cost: debt payments drain the firm's valuable liquidity reserves and thus impose higher expected external financing costs on the firm. The precautionary demand for liquidity also means that realized earnings are separated in time from payouts to shareholders, implying that the classical Miller-formula for the net tax benefits of debt no longer holds. Our model offers a novel perspective for the "debt conservatism puzzle" by showing that financially constrained firms choose to limit debt usages in order to preserve their liquidity. In some cases, they may not even exhaust their risk-free debt capacity. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w20009 |
| 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/577683 |
| 推荐引用方式 GB/T 7714 | Patrick Bolton,Hui Chen,Neng Wang. Debt, Taxes, and Liquidity. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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。
