法律形式在债务融资中的信号价值

Felix Bracht, Jeroen Mahieu, Steven Vanhaverbeke
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引用次数: 0

摘要

解除对资本要求的管制不仅会导致企业家精神的增加,而且还会带来实质性的替代效应,即企业家更有可能选择实收资本低而不是高的法律形式。在本文中,我们证明了选择实收资本较低的有限责任公司的公司与选择实收资本较高的公司相比,获得债务融资的机会较低。这些发现对于使用不同的估计技术是稳健的,包括差中差和回归不连续设计。我们的发现与信贷提供者使用企业家的法律形式选择作为筛选工具,从低风险公司中挑选出高风险公司的观点是一致的。我们的研究结果有助于更细致地理解放松资本要求对新成立公司的影响
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Signaling Value of Legal Form in Debt Financing
Deregulation of capital requirements does not only lead to an increase in entrepreneurship, it also entails a substantial substitution effect where entrepreneurs are more likely to opt for a legal form with low instead of high paid-in capital. In this paper, we show that firms that choose for a limited liability company with low paid-in capital experience a lower access to debt financing compared to their high paid-in capital counterparts. These findings are robust to using different estimation techniques, including a difference-in-difference and regression discontinuity design. Our findings are consistent with the idea that credit providers use the entrepreneur’s legal form choice as a screening device to sort out perceived high-risk firms from low-risk firms. Our findings contribute to a more nuanced understanding of the impact of deregulation of capital requirements on newly established firms
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