Optimal capital structure with an equity-for-guarantee swap

作者：Yang, Zhaojun^*; Zhang, Hai

来源：Economics Letters, 2013, 118(2): 355-359.

DOI：10.1016/j.econlet.2012.11.023

• Equity-for-guarantee swap
• Capital structure
• Guarantee cost

This paper finds that a newly created equity-for-guarantee swap can significantly increase a firm's value. If the firm earns more/less in a recession/boom market, the guarantee cost will decrease. The greater the business risk is, the more the guarantee cost will decrease and the higher the leverage ratio will be.

• 出版日期2013-2
• 单位湖南大学