Staged financing of newly public firms around the world

IF 6.5 1区经济学 Q1 BUSINESS

Small Business Economics Pub Date : 2024-02-19 DOI:10.1007/s11187-024-00901-7

引用次数: 0

Abstract

We investigate the prevalence of capital staging (sequential infusion of capital) in the IPO markets in 47 countries between 1991 and 2019. Our evidence is consistent with the hypothesis that investors provide funds to IPOs in stages to mitigate costs associated with firm-specific uncertainty about future prospects and information asymmetry. Going public firms with more intangible assets and greater R&D intensity raise less money relative to financing needs at the time of the IPO and are more likely to return to capital markets for subsequent financing and do so more frequently. We also document that the evidence of staged financing is stronger in countries that provide better legal protection to investors.

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全球新上市公司的分阶段融资

摘要我们调查了 1991 年至 2019 年间 47 个国家 IPO 市场中资本分期（连续注入资本）的普遍程度。我们的证据与以下假设相符：投资者分阶段向首次公开募股提供资金，以降低与公司未来前景不确定性和信息不对称相关的成本。无形资产较多、研发强度较大的上市企业在首次公开募股时的融资需求较低，更有可能重返资本市场进行后续融资，而且融资频率更高。我们还发现，在为投资者提供更好法律保护的国家，分阶段融资的证据更为充分。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Small Business Economics Multiple-

CiteScore

14.10

自引率

9.40%

发文量

124

期刊介绍： Small Business Economics: An Entrepreneurship Journal (SBEJ) publishes original, rigorous theoretical and empirical research addressing all aspects of entrepreneurship and small business economics, with a special emphasis on the economic and societal relevance of research findings for scholars, practitioners and policy makers. SBEJ covers a broad scope of topics, ranging from the core themes of the entrepreneurial process and new venture creation to other topics like self-employment, family firms, small and medium-sized enterprises, innovative start-ups, and entrepreneurial finance. SBEJ welcomes scientific studies at different levels of analysis, including individuals (e.g. entrepreneurs'' characteristics and occupational choice), firms (e.g., firms’ life courses and performance, innovation, and global issues like digitization), macro level (e.g., institutions and public policies within local, regional, national and international contexts), as well as cross-level dynamics. As a leading entrepreneurship journal, SBEJ welcomes cross-disciplinary research. Officially cited as: Small Bus Econ