Abstract While capital structure is usually presented in the context of a choice between debt and equity, even within these choices we observe different sources of capital, especially related to debt. Recent studies have arrived at differing conclusions regarding the reliance upon different sources for capital and regarding the importance of those sources. We find that the complexity of capital structure is related to the need for external capital, access to debt markets and the capacity for additional borrowing. Each of these determinants has a unique impact on capital structure complexity; however, access to capital markets serves as a mitigating factor in capital structure complexity for those firms with a financial deficit.

中文翻译：

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资本结构复杂性的决定因素

摘要虽然资本结构通常是在债务和股权之间进行选择的情况下提出的，但即使在这些选择中，我们也会观察到不同的资本来源，尤其是与债务相关的资本。关于对不同来源资金的依赖以及这些来源的重要性，最近的研究得出了不同的结论。我们发现，资本结构的复杂性与对外部资本的需求，进入债务市场的能力以及额外借贷的能力有关。这些决定因素中的每一个都会对资本结构的复杂性产生独特的影响。但是，对于那些有财务赤字的公司，进入资本市场是缓解其资本结构复杂性的因素。