Financial Management · 3 May 2018

从逆风中学习：面对逆境的债务融资

作者：Michael J. Brennan（University of California Los Angeles, Manchester Business School）

Holger Kraft (Goethe University, Faculty of Economics and Business Administration, Frankfurt am Main, Germany )

摘要：我们提供了有关公司融资决策的一个新特征的证据：当盈利前景不佳时，管理者倾向于更多地依赖债务融资。我们称之为“从逆风中学习”，并考虑三种可能的解释：市场择时、预防性融资和“数字制造”。我们发现没有证据支持前两个假设，并且暂时接受“数字制造”的假设，即由于分析师盲目乐观的盈利预期和恶化的实际条件，承受压力的经理人将更多地依赖于债务融资，以提高每股收益和股本回报率。

关键词：资本结构，融资政策，管理激励

Leaning against the Wind: Debt Financing in the Face of Adversity

Michael J. Brennan(University of California Los Angeles, Manchester Business School), Holger Kraft (Goethe University, Faculty of Economics and Business Administration, Frankfurt am Main, Germany)

ABSTRACT

We offer evidence of a new stylized feature of corporate financing decisions: the tendency of managers to rely more on debt financing when earnings prospects are poor. We term this ‘leaning against the wind’ and consider three possible explanations: market timing, precautionary financing, and ‘making the numbers’. We find no evidence in favor of the first two hypotheses, and provisionally accept the ‘making the numbers’ hypothesis that managers who are under pressure because of unrealistically optimistic earnings expectations by analysts and deteriorating real opportunities, will rely more heavily on debt financing to boost earnings per share and return on equity.

Keywords: Capital structure, financing policy, managerial incentives

原文链接：https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12227

翻译：施懿