We characterize equilibrium leverage dynamics in a trade‐off model in which the firm can continuously adjust leverage and cannot commit to a policy ex ante. While the leverage ratchet effect leads shareholders to issue debt gradually over time, asset growth and debt maturity cause leverage to mean‐revert slowly toward a target. Investors anticipate future debt issuance and raise credit spreads, fully offsetting the tax benefits of new debt. Shareholders are therefore indifferent toward the debt maturity structure, even though their choice significantly affects credit spreads, leverage levels, the speed of adjustment, future investment, and growth.

中文翻译：

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充分利用动力

我们在权衡模型中刻画了均衡杠杆的动态特征，在这种模型中，企业可以不断调整杠杆，而不能事先采取政策。虽然杠杆棘轮效应导致股东随着时间的推移逐步发行债务，但是资产增长和债务到期会导致杠杆平均缓慢地恢复为目标。投资者预计未来会发行债券并提高信贷息差，从而完全抵消了新债的税收优惠。因此，尽管股东的选择会显着影响信贷利差，杠杆水平，调整速度，未来投资和增长，但股东对债务期限结构并不关心。