Firm Listing Status, Firm Size, and the Financing of Investment

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2022-11-08 DOI:10.1093/rcfs/cfac038

Mathias Lé, F. Vinas

引用次数: 2

Abstract

How do companies finance their investments? We examine the financing of investments according to firms’ listing status, their size, and the nature of the investments. We show that private firms rely more on bank credit than public firms and less on financial debt, equity, and cash flow. We also show that the contribution of financial debt and equity increases with firm size. Considering both dimensions, we always find an increasing contribution of other financial debt and equity with firm size in both populations. Therefore, even in a bank-based economy, equity plays an important role in the investment of larger private firms.

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企业上市状况、企业规模与投资融资

公司如何为他们的投资融资?我们根据公司的上市状态、规模和投资性质来考察投资融资。我们表明，私营企业比上市公司更依赖银行信贷，而对金融债务、股权和现金流的依赖更少。我们还表明，金融债务和股权的贡献随着企业规模的增加而增加。考虑到这两个维度，我们总是发现在两种人群中，其他金融债务和股权对企业规模的贡献都在增加。因此，即使在以银行为基础的经济中，股权在大型私营企业的投资中也起着重要作用。

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

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.