We explore whether theoretically the target leverage and pecking-order models can be reconciled with payout smoothing. Investment absorbs a significant part of income and asset volatility if the firm follows both a payout target and a net debt ratio (NDR) target. A positive (negative) NDR amplifies (dampens) shocks in assets. Slow adjustment toward the NDR target facilitates payout smoothing. Under strict pecking-order financing, income shocks are absorbed primarily by changes in net debt. More payout smoothing implies a stronger negative relation between debt and net income. Shocks to assets in place need not affect current payout.

中文翻译：

---

资本结构模型是否与支付动态一致？

我们探索理论上目标杠杆和啄食顺序模型是否可以与支付平滑相协调。如果公司同时遵循支付目标和净负债率 (NDR) 目标，投资将吸收很大一部分收入和资产波动。正（负）NDR 放大（抑制）资产冲击。向 NDR 目标缓慢调整有助于平滑支付。在严格的排序融资条件下，收入冲击主要通过净债务的变化来吸收。更多的支付平滑意味着债务和净收入之间的负相关关系更强。对现有资产的冲击不一定会影响当前的支出。