①资产流动性价值(Liquidation value of assets)，利用有形资产比例来衡量，(Williamson,1988），比例越大意味着代理成本越高。
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由于公司资产流动性缺乏且其收益可见性下降，我们的公允价值范围包含30%的贴现率。
Our fair value range includes a 30% discount to account for the company's lack of liquidity and its decreased earnings visibility.
资产流动性、成长性、资产担保价值、非债务税盾与杠杆负相关；
The empirical studies show that: (1) asset liquidity, growth, collateral and non-debt tax shields are negatively related to leverage;
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