“大到不能倒效应清楚地反映到了股票和债券的价格中。在发行股票和发行债券之间,非金融企业选择其中任何一种都可能是合理的。例如,可口可乐(Coca-Cola)股票的预期市盈率为17倍,这意味着,股票投资者要求购买该公司股票的回报率为5.8%。由于可口可乐能够以略高于4%的收益率发行长期债券,发行股票的成本仅高出1.6个百分点。相比之下,美国银行、摩根大通和花旗集团发行债券和股票的成本差距则高得多:分别为7.5个百分点、10.4个百分点和11.8个百分点。银行经常抱怨称,发行股票成本太高了。由于监管者特别担心道德风险,这也是有一定道理的。
Finally, as Stanford’s Anat Admati has noted, bank shareholders do not want to cut leverage because of a classic debt overhang effect. Normally, the owners of a healthy company may accept the expense of issuing equity rather than debt. They do so to reduce the risk of bankruptcy, since equity investors, unlike bond investors, agree in advance to forgo payouts in hard times. But when a company is already unhealthily indebted, creditors resemble owners; the odds of bankruptcy are rising, so bondholders also face the danger that their cash receipts may stop. In this circumstance of debt overhang, the effect of deleveraging is to cut the risk borne by bondholders – or by the government that backstops them. Equity holders get stuck with higher financing costs and no compensating fall in risk.
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