Debt Structure

被引：15

作者：

Colla, Paolo ^{[1
]}

Ippolito, Filippo ^{[2
]}

Li, Kai ^{[3
]}

机构：

[1] Bocconi Univ, Dept Finance, I-20136 Milan, Italy

[2] Univ Pompeu Fabra, Barcelona Grad Sch Econ, Barcelona 08005, Spain

[3] Univ British Columbia, Sauder Sch Business, Vancouver, BC V6T 1Z2, Canada

来源：

ANNUAL REVIEW OF FINANCIAL ECONOMICS, VOL 12, 2020 | 2020年 / 12卷

关键词：

capital structure; debt structure; debt specialization; bankruptcy costs; creditor conflicts; information asymmetry; CAPITAL STRUCTURE; CORPORATE-INVESTMENT; MARKET EQUILIBRIUM; EMPIRICAL-ANALYSIS; MATURITY STRUCTURE; COMMERCIAL PAPER; FINANCIAL CRISIS; PUBLIC DEBT; BANK LOANS; CREDIT;

D O I：

10.1146/annurev-financial-012820-015057

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We review the literature on debt structure, which is a central element in a firm's capital structure. We first survey both theoretical and empirical research pertaining to debt characteristics-maturity and priority-and debt types-bank loans, corporate bonds, credit lines, commercial paper, and capital leases. We then present comprehensive empirical evidence on public US firms' debt structure over the period 2002-2018, highlighting that more than three-quarters of US firms concentrate their borrowing in one debt type, and offer some suggestive explanations for the observed pattern. Finally, we discuss directions for future research, including a better understanding of debt structure choices by non-US firms and by private firms, the cross-sectional and temporal variations in debt structure, the corporate policy implications of firms' debt structure choices, and the interaction between types of assets and debt structure.

引用

页码：193 / 215

页数：23

共 79 条

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