报告题目：Leverage Dynamics under Costly Equity Issuance
报 告 人：杨金强 上海财经大学
报告时间：2023年6月28日(周三) 16:00-17:30
报告地点：中国科学院大学中关村校区教学楼N513
腾讯会议：873-9767-9281
内容摘要
We propose a unified theory of capital structure based on both financial flexibility and the classic tradeoff considerations. The model features a jump-diffusion earnings process, retained earnings, debt rollover, payout, and crucially costly external equity. When leverage is low, the firm tries to keep it around the optimal target via earnings retention and payouts to preserve its financial slack, but when leverage is sufficiently high reaching a tipping point, the firm is likely to lose control of its leverage finding itself in a debt death spiral and being forced to deleverage via costly equity issuance so as to return to its recapitalization target. Paradoxically, a small cost of equity issuance causes a firm to keep its leverage low explaining the observed low leverage.
主讲人简介
杨金强，男，1983年生， 河北衡水人，2011年于湖南大学获经济学博士学位（硕博连读）；2011年加入上海财经大学金融学院，现任上海财经大学金融学院终身正教授，博士生导师，副院长（主持工作），校创新团队首席专家和英贤学者，同时也为教育部首批“长江学者”青年学者，国家优秀青年基金获得者，科学中国人2017年度人物。
近年来主要致力于动态公司金融和资产定价的理论研究。已发表或接受待发表学术期刊论文85篇,包括2篇Journal of Finance，3篇Journal of Financial Economics，3篇Review of Financial Studies，1篇Econometrica，2篇Journal of Economic Theory，以及PNAS和Management Science各1篇；其他如JBF、JEDC等国际知名SSCI期刊论文52篇；国内权威期刊论文20篇(其中《经济研究》6篇)。论文连续多年入选国际顶级金融学年会，学术成果曾获全美华人金融协会(TCFA)最佳论文奖等国内外奖项，主持国家自然科学基金项目4项。
