What sources of finance are firms least likely to use?

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-12 DOI:10.1016/j.frl.2025.107385

Marc Cowling, Huan Yang

引用次数: 0

Abstract

The financing of firms has attracted much attention in capital structure and life-cycle theories. However, the counterpart to these theories is the ‘contentment hypothesis’ which suggests that non-engagement with capital markets is a rational choice for most firms, and only those that desire growth engage with the market. In this paper we examine the extent to which firms use thirteen alternative sources of external financing using a large UK dataset. Our findings show that 99.5 % never use bonds, 96.8 % P2P, 93.6 % external equity, and 92.7 % factoring. When firms do use external finance, it is largely short-term forms of debt. This suggests that capital structure and life-cycle theories are too expansive and do not reflect the true nature of firms' engagement with capital markets.

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企业最不可能使用的融资来源是什么？

企业融资问题在资本结构和生命周期理论中备受关注。然而，与这些理论相对应的是 "满足假说"，该假说认为不参与资本市场是大多数企业的理性选择，只有那些渴望增长的企业才会参与市场。在本文中，我们利用英国的大型数据集研究了企业使用十三种外部融资替代来源的程度。我们的研究结果表明，99.5% 的企业从不使用债券，96.8% 使用 P2P，93.6% 使用外部股权，92.7% 使用保理。当企业使用外部融资时，主要是短期债务形式。这表明，资本结构和生命周期理论过于宽泛，不能反映企业参与资本市场的真实性质。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance