On the debt capacity of growth options

被引：143

作者：

Barclay, MJ ^{[1
]}

Smith, CW

Morellec, E

机构：

[1] Univ Rochester, Rochester, NY 14627 USA

[2] Univ Lausanne, CH-1015 Lausanne, Switzerland

来源：

JOURNAL OF BUSINESS | 2006年 / 79卷 / 01期

关键词：

D O I：

10.1086/497404

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

If debt capacity is defined as the incremental debt optimally associated with an additional asset, then the debt capacity of growth options is negative. The underinvestment costs of debt increase and free cash flow benefits of debt fall with additional growth options. Thus, if firm value increases with additional growth options, then not only does leverage decline but the firm's optimal total debt level declines as well. This result implies a negative relation between book leverage and growth options and provides a new economic interpretation of book leverage regressions.

引用

页码：37 / 59

页数：23

共 20 条

[1]

[Anonymous], J POLITICAL EC

[2]

Barclay M.J., 1999, J APPL CORP FINANC, V12, P8, DOI DOI 10.1111/J.1745-6622.1999.TB00655.X

[3]

Barclay M.J., 1995, Journal of Applied Corporate Finance, V7, P4, DOI [10.1111/j.1745-6622.1995.tb00259.x, DOI 10.1111/J.1745-6622.1995.TB00259.X]

[4] ON THE EXISTENCE OF AN OPTIMAL CAPITAL STRUCTURE - THEORY AND EVIDENCE [J].