Testing static tradeoff against pecking order models of capital structure: a critical comment

被引：107

作者：

Chirinko, RS ^{[1
]}

Singha, AR

机构：

[1] Emory Univ, Dept Econ, Atlanta, GA 30322 USA

[2] CESifo, D-81679 Munich, Germany

[3] INVESCO Global Asset Management NA, Atlanta, GA 30309 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2000年 / 58卷 / 03期

关键词：

financing; capital structure; pecking order theory;

D O I：

10.1016/S0304-405X(00)00078-7

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In a recent paper? Shyam-Sunder and Myers (1999) introduce a new test of the Pecking Order Model. This comment shows that their elegantly simple test generates misleading inferences when evaluating plausible patterns of external financing. Our results, coupled with the power problem with the Static Tradeoff Model documented by Shyam-Sunder and Myers, indicate that their empirical evidence can evaluate neither the Pecking Order nor Static Tradeoff Models. Alternative tests are needed that can identify the determinants of capital structure and can discriminate among competing hypotheses. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification. G32.

引用

页码：417 / 425

页数：9

共 5 条

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