As discussed in the predecessor to this article that came out roughly two years ago, each of today's three dominant academic theories of capital structure has trouble explaining the financing behavior of public companies making seasoned equity offerings (SEOs) of their own stock. In conflict with the tradeoff theory, the authors' analysis of some 7,000 SEOs by U.S. industrial companies during the period 1970-2017 finds that the vast majority, or roughly 80%, of them had the effect of moving the companies away from, rather than toward, their target leverage ratios. Inconsistent with the pecking order theory, SEO issuers have tended to be financially healthy companies with considerable unused debt capacity. And at odds with the market-timing theory, SEOs appear to be driven more by the capital requirements associated with the large investment projects that tend to follow them than by favorable market conditions and overvalued stock prices.

中文翻译：

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战略财务管理第二部分：经验丰富的股票发行、公司支付政策和受监管的公用事业案例

正如大约两年前发表的这篇文章的前身所讨论的那样，当今三种主要的资本结构学术理论中的每一种都难以解释上市公司对自己的股票进行经验丰富的股权发行 (SEO) 的融资行为。与权衡理论相冲突的是，作者对 1970 年至 2017 年期间美国工业公司的约 7,000 名 SEO 的分析发现，其中绝大多数或大约 80% 具有将公司从，而不是朝着他们的目标杠杆比率。与啄食顺序理论不一致，搜索引擎优化发行人往往是财务健康的公司，拥有大量未使用的债务能力。与市场时机理论不一致的是，搜索引擎优化似乎更多地受到与倾向于跟随它们的大型投资项目相关的资本要求的驱动，而不是有利的市场条件和高估的股票价格。