债务融资成本

1、ffect the cost of corporate debt? Taylor D. Nadauld, Michael S. Weisbach Abstract This paper investigates whether the securitization of corporate bank loan facilities had an impact on the price of corporate debt. Our results suggest that loan facilities that are subsequently securitized are associated with a 17 basis point lower spread than that of facilities that are not subsequently securitized. We consider facility characteristics that are associated with the likelihood of securitization and 。

2、varama Krishnan and Charles Moyer 原 文 ： Abstract: The theory of financial leasing views financial leases as substitutes for secured debt. Empirical studies have reported a high positive correlation between lease ratios and debt ratios and that lessors earn higher rates of return than lenders. These results contradict traditional leasing theory. They are explained in this paper by recognizing the role bankruptcy costs play in the lease/borrow decision a。

3、 作作 者：者： Sivarama Krishnan and Charles MoyerSivarama Krishnan and Charles Moyer 原原 文文： Abstract: The theory of financial leasing views financial leases as substitutes for secured debt. Empirical studies have reported a high positive correlation between lease ratios and debt ratios and that lessors earn higher rates of return than lenders. These results contradict traditional leasing theory. They are explained in this paper 。

4、结构理论 4 2.2.2 信息不对称理论下的债务治理效应 5 2.2.3 债务融资对控制权转移的影响 5 2.3 国内研究综述6 2.3.1 债务融资治理的正效应 6 2.3.2 债务融资治理的负效应 6 2.3.3 债务融资治理的其他效应 7 3 债务融资结构对公司治理效应影响的理论分析 .8 3.1 债务期限结构对公司治理效应影响的理论分析8 3.1.1 短期借款对公司治理效应影响的理论分析 8 3.1.2 长期借款对公司治理效应影响的理论分析 8 3.2 债务类型结构对公司治理效应影响的理论分析9 3.2.1 银行借款对公司治理效应影响的理论分析 9 3.2.2 商业信用负债对公司治理效应影响的理论分析 .10 4 研究设计 12 4.1 样本选择和数据来源.12 4.2 变量的设计.13 4.2.1 被解释变量 .13 4.2.2 解释变量 .13 4.2.3 控制变量 .14 4.3 模型建立.14 5 债务融资结构对公司治理效应影响的实证研究 16 5.1 综合绩效指标的主成分计算.17 5.2 样本指标的描述性统计.18 5.2.1 债务期限结构的描述性统计 .18 5.。

5、a for clients seeking capital. Financing is generally required when a business is beginning operations, expanding, or suffering from an economic downturn. Advising clients on the potential tax implications of using a purely debt or equity financial instrument is generally straightforwardThe blood of the enterprise funds, only the normal flow of funds to meet business needs, effective allocation of factors of production to the enterprises to create profits for shareholders, create val。

6、g on Corporate R & D Investment Behavior Abstract Base on panel data of manufacturing and high-tech industry companies which discoursed R & D expenditure in financial statements from 2004 to 2011， this paper studies the relationship between debt financing and corporate R & D expenditure under different grow opportunities by using the robust fixed effects that Daniel Hoechle proposed in 2007. The results show that there is not a “increasing first， decreasing later“ non-linear relation。

7、Investor familiarity and corporate debt nancing conditions Leonie Herrmann, Oscar A. Stolper Abstract This study contributes to our understanding of how retail bondholders value familiarity with the issuer. Using a sample of corporate bonds issued by German non-nancials and especially marketed to individual investors, we document that besides product market visibility three previously unconsidered antecedents of investor familiarity, i.e. local visibility, media visibility and overall reco。

8、t financing and firm performance: an empirical study based on Swedish data Darush Yazdanfar and Peter hman Abstract Purpose The purpose of this study is to examine the relationship between debt level and performance among small and medium-sized enterprises (SMEs). Design/methodology/approach Unlike the vast majority of previous research, this study uses three-stage least squares (3SLS) and fixed-effects models to analyse a comprehensive, cross-sectoral sample of 15,897 Swedish SMEs ope。