کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5102236 1479774 2017 4 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Financing constraints and the use of performance-sensitive debt
ترجمه فارسی عنوان
محدودیت های مالی و استفاده از بدهی حساس به عملکرد
کلمات کلیدی
بدهی حساس به عملکرد، گزینه های واقعی محدودیت های مالی،
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Performance-sensitive debt (PSD) is a popular financial instrument in the corporate private debt market. In a real-options setting, this paper aims to clarify how PSD impacts on investment policy, capital structure, and agency cost of financing constraints when the firm faces the upper limit of debt issuance. We show that the constrained leverage hardly depends on the performance sensitivity. In particular, our conclusions predict that PSD can decrease the severity of financing constraints relative to the fixed-coupon debt case and the loss of firm value arising from investment and financing distortions due to the presence of financing constraints. The higher the performance sensitivity, the less likely that the firm is financially constrained. These findings provide a novel investment-based explanation for issuance of PSD.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The North American Journal of Economics and Finance - Volume 40, April 2017, Pages 73-84
نویسندگان
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