http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
- 中文 을 입력하시려면 zhongwen을 입력하시고 space를누르시면됩니다.
- 北京 을 입력하시려면 beijing을 입력하시고 space를 누르시면 됩니다.
RISS 인기검색어
- 검색키워드
- 발행기관 : Graduate School State University of New York at Bu (검색결과 1 건)
-
The maturity structure of debt
전상경 Graduate School State University of New York at Bu 2000 해외박사
This dissertation suggests a general framework to understand the debt maturity structure of industrial firms. This theoretical framework suggests that firms with different attributes maintain different debt maturity structures, each of which is optimal to them. The underlying rationale of the hypotheses is the balance between risk and reward in using shorter-term loans: shorter-term loans have a cost advantage over longer-term loans while they incur higher cost of financial distress through the presence of refinancing and interest rate risk. My empirical analysis shows that the interest savings from using short-term debt is statistically and economically significant and that an important source of interest savings is synchronizing cash demand with supply. I propose that the capability of handling refinancing and interest rate risk is mainly determined by financial flexibility and financial strength. Therefore, only firms with higher financial flexibility and financial strength can use proportionately more short-term loans. The results of my empirical analysis show that only financially strong firms can take advantage of lower interest costs on shorter-term debt and thus use proportionately more short-term loans when the term premium is high. The results of my empirical analysis also support the view that the level of agency costs is an important factor in determining debt maturity structure. Financially weak firms, on average, use more short-term debt than medium firms. They also increase their proportion of short-term debt as they get weaker. I interpret this as an indication of high risk level and high agency costs of financially weak firms. Because of high refinancing and interest rate risk and the resultant agency costs, financially weak firms face investors who demand a prohibitively high premium for lending long-term. Thus, even though they need long-term capital to reduce refinancing and interest rate risk, weak firms are forced to use short-term loans. As financial strength improves, the interest rate difference between long-term and short-term loans decreases. Thus, weak firms will use more long-term debt as they get stronger. I also derive empirical implications of my hypotheses for the synchronization of cash demand and supply. I find that financial strength and flexibility are important factors that can explain the degree of cash synchronization. Financially strong and flexible firms, on average, employ a higher degree of cash synchronization, and thus save imputed interest costs more effectively than other firms.
연관 검색어 추천
이 검색어로 많이 본 자료
활용도 높은 자료
