CapitalStructure-Evidence(英文版)(pdf10页)分析.pdf

CapitalCapital StructureStructure -- EvidenceEvidence Historical Trends TableTable 1.1. FlowFlow ofof FundsFunds Data:Data: PrecentagePrecentage ofof TotalTotal FinancingFinancing AccountedAccounted forfor byby ParticularParticular SourcesSources ofof Funds,Funds, U.S.U.S. NonfinancialNonfinancial CorporationsCorporations Period Total Short-Term New Stock Internal Debt Debt Issues Funds 1901-12 31 8 14 55 1913-22 29 17 11 60 1923-29 26 4 19 55 1930-39 -33 ? 19 114 1940-45 15 20 5 80 1946-59 30 14 5 64 1960-69 36 18 2 62 1970-79 45 24 3 52 Source: Taggart in B. Friedman, (ed.): Corporate Capital Structure in the United States, 1985. Important Points: (1) Debt has accounted for a larger fraction of total financing since the mid-1960s than was the case earlier (especially since the late 1920s). (2) The increased use of debt seems largely attributed to an increase in short- term liabilities. In general, short-term liabilities show considerable flactuations. (3) Equity financing is going down (much of the increase in the 1970’s is accounted for by public utilities oreferred stock issuance. (4)