JOURNAL OF Financial Journal of Financial Economics 58 (2000)417-425 ECONOMICS ELSEVIER www.elsevier.com/locate/econbase Testing static tradeoff against pecking order models of capital structure:a critical comment* Robert S.Chirinko.b.*,Anuja R.Singha "Department of Economics.Emory University Atlanta.Georgin. CESifo,Munich,816 4 INVESCO Global Asset Management, ou=EFS File Eneppoon erficate 原因：胡金焱 Received 23 February 1999;received in revised form 1diNq日986.39 23:56:47+0800 Abstract In a recent paper,Shyam-Sunder and Myers(1999)introduce a new test of the Pecking Order Model.This comment shows that their elegantly simple test generates misleading inferences when evaluating plausible patterns of external financing.Our results,coupled with the power problem with the Static Tradeoff Model documented by Shyam-Sunder and Myers,indicate that their empirical evidence can evaluate neither the Pecking Order nor Static Tradeoff Models.Alternative tests are needed that can identify the determi- nants of capital structure and can discriminate among competing hypotheses.C 2000 Elsevier Science S.A.All rights reserved. JEL classification:G32 Keywords:Financing;Capital structure;Pecking order theory *The authors thank Hashem Dezhbakhsh,Som Somanathan,an anonymous referee,the editor, and especially Stewart Myers for comments.All errors,omissions,and conclusions remain the sole responsibility of the authors and do not necessarily reflect the views of the organizations with which they are associated. Corresponding author.Tel.:+1-404-727-6645;fax:+1-404-727-4639. E-mail address:rchirin@emory.edu (R.S.Chirinko). 0304-405X/00/S-see front matter C 2000 Elsevier Science S.A.All rights reserved. PΠ：S0304.405X(00)00078-7qThe authors thank Hashem Dezhbakhsh, Som Somanathan, an anonymous referee, the editor, and especially Stewart Myers for comments. All errors, omissions, and conclusions remain the sole responsibility of the authors and do not necessarily re#ect the views of the organizations with which they are associated. * Corresponding author. Tel.: #1-404-727-6645; fax: #1-404-727-4639. E-mail address: rchirin@emory.edu (R.S. Chirinko). Journal of Financial Economics 58 (2000) 417}425 Testing static tradeo! against pecking order models of capital structure: a critical commentq Robert S. Chirinko!,",*, Anuja R. Singha# !Department of Economics, Emory University, Atlanta, Georgia, 30322-2240, USA "CESifo, Munich, 81679, Germany #INVESCO Global Asset Management, N.A., Atlanta, Georgia, 30309, USA Received 23 February 1999; received in revised form 18 November 1999 Abstract In a recent paper, Shyam-Sunder and Myers (1999) introduce a new test of the Pecking Order Model. This comment shows that their elegantly simple test generates misleading inferences when evaluating plausible patterns of external "nancing. Our results, coupled with the power problem with the Static Tradeo! Model documented by Shyam-Sunder and Myers, indicate that their empirical evidence can evaluate neither the Pecking Order nor Static Tradeo! Models. Alternative tests are needed that can identify the determi￾nants of capital structure and can discriminate among competing hypotheses. ( 2000 Elsevier Science S.A. All rights reserved. JEL classixcation: G32 Keywords: Financing; Capital structure; Pecking order theory 0304-405X/00/$ - see front matter ( 2000 Elsevier Science S.A. All rights reserved. PII: S 0 3 0 4 - 4 0 5 X ( 0 0 ) 0 0 0 7 8 - 7