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1、AgencyCosts,RiskManagement,andCapitalStructureHayneE.Leland*April18,1998AbstractThejointdeterminationofcapitalstructureandinvestmentriskisexam-ined.Optimalcapitalstructurere
ectsboththetaxadvantagesofdebtlessdefaultcosts(Modigliani-Miller),andtheagencycostsresultingfr
2、omassetsub-stitution(Jensen-Meckling).Agencycostsrestrictleverageanddebtmaturityandincreaseyieldspreads,buttheirimportanceisrelativelysmallfortherangeofenvironmentsconsidered.Riskmanagementisalsoexamined.Hedgingpermitsgreaterleverage.Evenwhena rmcannotprecommittohedgi
3、ng,itwillstilldoso.Surprisingly,hedgingbene tsoftenaregreaterwhenagencycostsarelow.1AgencyCosts,RiskManagement,andCapitalStructureHayneE.Leland*Thechoiceofinvestment nancing,anditslinkwithoptimalriskexposure,iscentraltotheeconomicperformanceofcorporations.Financialeco
4、nomicshasarichliteratureanalyzingthecapitalstructuredecisioninqualitativeterms.Butithasprovidedrelativelylittlespeci cguidance.Incontrastwiththeprecisiono eredbytheBlackandScholes(1973)optionpricingmodelanditsextensions,thetheoryaddressingcapitalstructureremainsdistre
5、ssinglyimprecise.Thishaslimiteditsapplicationtocorporatedecision-making.Twoinsightshaveprofoundlyshapedthedevelopmentofcapitalstructuretheory.ThearbitrageargumentofModiglianiandMiller(M-M)(1958,1963)showsthat,with xedinvestmentdecisions,non rmclaimantsmustbepresentfor
6、capitalstructuretoa ect rmvalue.Theoptimalamountofdebtbalancesthetaxdeductionsprovidedbyinterestpaymentsagainsttheexternalcostsofpotentialdefault.JensenandMeckling(J-M)(1976)challengetheM-Massumptionthatin-vestmentdecisionsareindependentofcapitalstructure.Equityholder
7、sofalevered rm,forexample,canpotentiallyextractvaluefromdebtholdersbyincreasinginvestmentriskafterdebtisinplace:theassetsubstitution"prob-lem.Suchpredatorybehaviorcreatesagencycostswhichthechoiceofcapitalstructuremustrecognizeandcontrol.Alargevolumeoftheoreticalandem
8、piricalworkhasbuiltuponthesein-1sights.Buttopractitionersandacademicsalike,pastresearchfallsshortintwocriticaldimensions.Fir
