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Agency Costs, Risk Management, and Capital Structure
Hayne E. Leland*April 18, 1998
代理成本、风险管理和资本结构 48页 英文
90757.pdf
(348.85 KB)
The joint determination of capital structure and investment risk is exam-
ined. Optimal capital structure re
ects both the tax advantages of debt less
default costs (Modigliani-Miller), and the agency costs resulting from asset sub-
stitution (Jensen-Meckling). Agency costs restrict leverage and debt maturity
and increase yield spreads, but their importance is relatively small for the range
of environments considered.
Risk management is also examined. Hedging permits greater leverage. Even
when a rm cannot precommit to hedging, it will still do so. Surprisingly,
hedging bene ts often are greater when agency costs are low.
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