Our study examines the impact of corporate site visits on the speed of leverage adjustment. We demonstrate that the visits significantly accelerate leverage adjustment, especially in firms with high analyst forecast dispersion and severe financial constraints. Additionally, corporate site visits act as a catalyst, aiding firms in moving toward their target leverage by reducing information asymmetry and easing financial constraints. However, excessive leverage can hinder the speed of adjustment, even when site visits are involved. These findings provide valuable insights for policymakers to formulate effective policy, enhancing the understanding of corporate financial positions and leverage dynamics.

中文翻译：

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企业现场访问和杠杆调整速度


我们的研究考察了企业实地考察对杠杆调整速度的影响。我们证明，这些访问显著加速了杠杆调整，尤其是在分析师预测高度分散和严重财务约束的公司中。此外，企业现场访问起到催化剂的作用，通过减少信息不对称和缓解财务限制，帮助公司实现目标杠杆。但是，过度的杠杆会阻碍调整速度，即使涉及网站访问也是如此。这些发现为政策制定者制定有效的政策提供了宝贵的见解，增强了对公司财务状况和杠杆动态的理解。