Cash Flows and Leverage Adjustments现金流和杠杆调整.ppt

《Cash Flows and Leverage Adjustments现金流和杠杆调整.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、CashFlowsandLeverageAdjustmentsorganizationAbstractandKeywordsSection1introduction.Section2presentssomebasicempiricalmodelsofcorporateleverage,describesdatasources,andexplainshowwecomputetargetleverageratiosforeachfirm-year.Section3showssomedistinguishingfeat

2、uresoftheapproachIncludetheimportanceofdistinguishingbetweenunder-andover-leveredfirms’leverageadjustments.Section4introducesthepaper’smajorinnovation.Weexplainwhyoperatingcashflowsaffectafirm’scostofmakingleverageadjustments,andmodifyastandardpartialadjustme

3、ntmodeltoreflecttheinteractionbetweenafirm’scashflowneedsanditscapitalstructureadjustments.Section5analyzestherobustnessofourresultsSection6extendsthemodelinSection4totestwhetherfinancialconstraintsandmarketconditionsaffectadjustmentspeeds.Wefindthatadjustmen

4、tspeedsvaryplausiblywithbothcross-sectionalandinter-temporalvariables,supportingourpartialadjustmentmodelofcapitalstructureadjustment.Thefinalsectionsummarizesresultsanddiscussestheirimplicationsforcapitalstructuretheories.AbstractRecentresearch:Emphasizedthe

5、impactoftransactioncostsonfirmleverageadjustments.Thispaper:1.Cashflowrealizationscanprovideopportunitiestoadjustleverageatrelativelylowmarginalcost.Cashflowfeaturesaffectnotonlytheleveragetarget,butalsothespeedofadjustmenttowardthattarget.2.Adjustmentspeedsi

6、sdrivenbyaneconomicallymeaningfulconcept:adjustmentcosts.Accountingforthisfactproducesadjustmentspeedsthataresignificantlyfasterthanpreviouslyestimatedintheliterature.3.Wealsoanalyzehowbothfinancialconstraintsandmarkettimingvariablesaffectadjustmentstowardale

7、veragetarget.KeywordsLeverageTargetSpeedofadjustmentAdjustmentcosts1.Introduction(10paragraphs)1-5(researchbackground)6-9(resultsofthispaper)10(organizationofthispaper.)Introduction(1-5)Dofirmshaveleveragetargets?Almostallresearchinthisarenaconcludesthatfirms

8、dohavetargets,butthatthespeedwithwhichthesetargetsarereachedinunexpectedlyslow.Howquicklydotheyapproachthesetargets?Thespeedwithwhichthesetargetsarereachedisunexpectedlyslow.Whatarethedri