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原文
The Determinants of Capital Structure Choice
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Author: Sheridan Titman and Roberto Wessels
I. Determinants of Capital Structure
In this section, we present a brief discussion of the attributes that different theories of capital structure suggest may affect the firm's debt-equity choice. These attributes are denoted asset structure, non-debt tax shields, growth, uniqueness, industry classification, size, earnings volatility, and profitability. The attributes, their relation to the optimal capital structure choice, and their observable indicators are discussed below.
A. Collateral Value of Assets
Most capital structure theories argue that the type of assets owned by a firm
in some way affects its capital structure choice. Scott [33] suggests that, by selling secured debt, firms increase the value of their equity by expropriating wealth from their existing forth by Myers and Majluf [28] also suggest that firms may find it advantageous to sell secured debt. Their model demonstrates that there may be costs associated with issuing securities about which the firm's managers have better information than outside shareholders. Issuing debt secured by property with known values avoids these costs. For this reason, firms with assets that can be used as collateral may be expected to issue more debt to ta