来源：百度文库 编辑：中考百科 时间：2020/01/29 10:42:12
We also examine whether firms alter their leverage in response to changing levels of tax benefits. After record profitability and stock returns in the late 1990s, the stock market experienced a decline in the early 2000s, leaving many companies with options worth much less than in previous years, and in some cases, worth nothing. Given that options with strike priced lower than the underlying stock’s market value will not be exercised, there is no tax benefit or cash flow boost as a result of these options. Consequently, during this period, many companies found that their operating cash flows were significantly lower than in past years, even though there had been no significant change in their sales or core business. We examine the impact of this mar5ket downturn on companies’ capital structures. Our results again are consistent with the argument that tax benefits of employee stock options are used as a substitute for debt and that changes in the level of tax benefits are associated with adjustments in leverage.
我们也调查公司是否改变回应变更税利益的程度的他们的杠杆作用。 在 1990 年代后期的唱片收益性和原种回返之后，股票市场在 2000 年代早期中经历了衰微, 在早先的年内离开许多公司用选项价值加少于 , 和在一些情形, 价值无。 给定的和罢工的选项定价格比在下面的原种的市场价格将会的更低没被练习, 这些选项的结果没有税利益或现金流程推进。 结果, 在这周期期间, 许多公司发现他们操作现金流程是重要地低的超过在过去的年内, 即使已经没有在他们的售卖或 [噬菌体]髓部生意方面的重要改变。 我们调查 , 这的冲击损毁在公司的首都结构方面的 5ket 低迷时期。 我们的结果再一次感到一致 , 课以税职员原种选项的利益的争论为债务被当作一位替代使用而且在税利益的程度的变化与杠杆作用的适应一起联合。