A trade-off theory of ownership and capital structure

被引：11

作者：

Nicodano, Giovanna ^{[1
,2
,3
]}

Regis, Luca ^{[4
]}

机构：

[1] Univ Torino, Coll Carlo Alberto, Piazza Arbarello 8, I-10100 Turin, Italy

[2] Univ Torino, ESOMAS, Piazza Arbarello 8, I-10100 Turin, Italy

[3] ECGI, Piazza Arbarello 8, I-10100 Turin, Italy

[4] Univ Siena, Dept Econ & Stat, Piazza San Francesco 7-8, I-53100 Siena, Italy

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2019年 / 131卷 / 03期

关键词：

Ownership; Leverage; Taxes; Thin capitalization; Groups; CORPORATE-OWNERSHIP; BUSINESS GROUPS; BUYOUTS; MODEL; DIVIDENDS; SPINOFFS; TAXATION; MERGERS; TAXES; FIRMS;

D O I：

10.1016/j.jfineco.2018.09.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper determines the optimal ownership share held by a unit into a second unit when both face a tax-bankruptcy trade-off. Full ownership is optimal when the first unit has positive debt, because dividends help avoid its default. Positive debt is, in turn, optimal when its corporate tax rate exceeds a threshold, and/or thin capitalization rules place an upper limit on the debt level in the second unit, and/or the Volcker Rule bans bailout transfers to the second unit. Full ownership is no longer optimal only if there is a tax on intercorporate dividend. This theory rationalizes observations on multinationals, financial conglomerates, and family groups. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：715 / 735

页数：21

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