舉債的淨好處

Abstract

我使用1994年到2012年的數據，根據市場價值以及公司的債務和股權貝塔值，估計舉債的淨好處。當企業舉債比率較低時，淨效益會隨著舉債增加而增加，但是如果舉債比率太高，淨效益又會隨著舉債增加而減少，這意味著公司存在一個最佳的資本結構。

I estimate the market’s valuation of the net benefits to leverage using panel data from 1994 to 2012, identified from market values and betas of a company’s debt and equity. Net benefits are increasing in leverage for low-debt firms but decrease as leverage becomes very high, implying the existence of an optimal capital structure.