期刊名称：Dresden Discussion Paper Series in Economics / Dresden University of Technology, Faculty of Business Management and Economics
印刷版ISSN：0945-4829
出版年度：2003
卷号：1
出版社：Dresden
摘要：This paper examines the interplay between the real and financial decisions of the competitive firm `a la Sandmo.
Besides output price uncertainty, the firm faces additional sources of risk which are aggregated into an additive
background risk. We show that the firm always chooses its optimal debt-equity ratio to minimize the weighted average
cost of capital, irrespective of the risk attitude of the firm and the incidence of the multiple sources of uncertainty. Even
though the introduction of the background risk affects neither the optimal debt-equity ratio nor the marginal rate of
technical substitution, it does have an adverse effect on the output level of the firm. Furthermore, if capital is a normal
input, the presence of the background risk induces the firm to acquire less capital by issuing less debt and equity.
关键词：Background risk; Capital structure; Price uncertainty
