股票市场自由化和企业成长

IF 0.7 Q4 BUSINESS, FINANCE

Review of Development Finance Pub Date : 2013-01-01 DOI:10.1016/j.rdf.2013.01.002

Thomas O’Connor

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引用次数: 0

摘要

在对来自26个新兴市场国家的686家可投资公司的样本中，我表明，股票市场自由化并没有导致参与企业外部融资增长率的增加。事实上，我发现大多数情况恰恰相反。这些发现与最近的研究一致，这些研究表明，公司在自由化后发行的股权资本减少而不是增加，并表明股权市场自由化的收益可能不能归因于融资限制的减少。

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Equity market liberalization and firm growth

In a sample of 686 investable firms from 26 emerging market countries, I show that equity market liberalizations do not result in an increase in externally-financed growth rates for participating firms. In fact I find mostly to the contrary. These findings are in line with recent work which shows that firms issue less and not more equity capital post-liberalization, and suggest the gains from equity market liberalizations may not be attributable to a reduction in financing constraints.

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来源期刊

Review of Development Finance Economics, Econometrics and Finance-Finance

CiteScore

0.80

自引率

0.00%

发文量