THE CAPITAL STRUCTURE OF A REGULATED FIRM

被引：50
|
作者：
SPIEGEL, Y [1 ]
SPULBER, DF [1 ]
机构：
[1] NORTHWESTERN UNIV,CHICAGO,IL 60611
来源：
RAND JOURNAL OF ECONOMICS | 1994年 / 25卷 / 03期
关键词：
D O I：
10.2307/2555770
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine the equilibrium price, investment, and capital structure of a regulated firm using a sequential model of regulation. We show that the firm's capital structure has a significant effect on the regulated price. Consequently, the firm chooses its equity and debt strategically to affect the outcome of the regulatory process. In equilibrium, the firm issues a positive amount of debt and the likelihood of bankruptcy is positive. Debt raises the regulated price, thus mitigating regulatory opportunism. However, underinvestment due to lack of regulatory commitment to prices persists in equilibrium.
引用
收藏
页码：424 / 440
页数：17
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