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公司资产重组对目标杠杆的影响

实证金融学杂志。 1月1,2016

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卷。 35,2016,150-168。

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如果公司平衡杠杆的收益和成本,那么我们可能会预期公司资产冲击会引发公司目标杠杆的变化。 我们调查了公司资产重组的影响,发现重组后的目标杠杆因缩小企业而减少,而企业规模扩大则增加。 目标杠杆的变化在重组事件发生后的第二年就会稳定下来,并且相对于重组程度而言是单调的。 分解分析表明,企业资产重组直接并显着影响目标债务比率。 与控制公司相比,缩减公司通过重新购买债务来调整债权,同时增加公司发行债券。 正如预期的那样,债务回购与较低的税收负债相关,而债务发行决策与较低的增长代理相对应,并且与发行权益的逆向选择成本,正杠杆率赤字,较高的税务负债和较低的破产风险一致。

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