节税收益、破产成本与最优资本结构

本文在正确定义债务的节税收益和破产成本的基础上,运用实物期权定义并定量描述了破产成本,进而建立了确定最优资本结构的ZZ杠杆模型。将自变量的典型值代入模型得出的最优债务比率与以往的实际调查数据非常接近,从而使一些长期难以解释的"资本结构之谜",例如"财务保守行为"等得到了一个合理的解释。

Tax Shield,Bankruptcy Cost and the Optimal Capital Structure

This article corrects the widespread conceptual errors of tax shield and bankruptcy cost in prior studies and develops three alternative simple models to derive optimal capital structure by defining and quantifying the bankruptcy cost based on the technique of real option.As the optimal leverage ratio determined by the models is close to most survey data,some relevant puzzles,such as "financial conservatism",are easily explained.