An EBIT-based model of dynamic capital structure

被引：450

作者：

Goldstein, R ^{[1
]}

Ju, NJ

Leland, H

机构：

[1] Washington Univ, St Louis, MO 63130 USA

[2] Univ Maryland, College Pk, MD 20742 USA

[3] Univ Calif Berkeley, Berkeley, CA 94720 USA

[4] Ohio State Univ, Columbus, OH 43210 USA

来源：

JOURNAL OF BUSINESS | 2001年 / 74卷 / 04期

关键词：

D O I：

10.1086/322893

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

A model of dynamic capital structure is proposed. Even though the optimal strategy is implemented over an arbitrarily large number of restructuring-periods, a sealing feature inherent in the framework permits simple closed-form expressions to be obtained for equity and debt prices. When a firm has the option to increase future debt levels, tax advantages to debt increase significantly, and both the optimal leverage ratio range and predicted credit spreads are more in line with what is observed in practice.

引用

页码：483 / 512

页数：30

共 30 条

[1] Design and valuation of debt contracts [J].