Each of today's three dominant academic theories of capital structure has trouble explaining the financing behavior of companies that have seasoned equity offerings (SEOs). In conflict with the tradeoff theory, the authors’ recent studies of some 7,000 SEOs by U.S. industrial companies over the period 1970‐2017 notes that the vast majority of them—on the order of 80%—had the effect of moving the companies away from, rather than toward, their target leverage ratios. Inconsistent with the pecking‐order theory, SEO issuers have tended to be financially healthy companies with low leverage and considerable unused debt capacity. And at odds with the market‐timing theory, SEOs appear to be driven more by the capital requirements associated with large investment projects than by favorable market conditions. The authors’ findings also show that, in the years following their stock offerings, the SEO companies tend to issue one or more debt offerings, which have the effect of raising their leverage back toward their targets.

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战略财务管理：经验丰富的股票发行的经验教训

当今，关于资本结构的三种主要学术理论中的每一种理论都难以解释拥有经验丰富的股票发行（SEO）的公司的融资行为。与权衡理论相抵触，作者最近对美国工业公司在1970-2017年期间进行的约7,000个SEO的研究表明，它们中的绝大多数（约80％左右）具有使公司远离SEO的效果。而非目标杠杆率。与啄食顺序理论不一致，SEO发行人往往是财务状况良好的公司，杠杆率低且未使用的债务能力相当大。与市场时机理论背道而驰，SEO似乎更多地受到与大型投资项目相关的资本需求的驱动，而不是受到有利市场条件的驱动。作者的发现还表明，