中小企业资本配置效率：全球证据

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-10 DOI:10.1016/j.irfa.2025.104596

Liang Ma , Xiaowen Zhang

{"title":"中小企业资本配置效率：全球证据","authors":"Liang Ma , Xiaowen Zhang","doi":"10.1016/j.irfa.2025.104596","DOIUrl":null,"url":null,"abstract":"<div><div>Leveraging a comprehensive cross-country dataset, this study systematically examines whether and how small and midsize enterprises (SMEs) differ from large firms regarding capital allocation efficiency, which is an essential matter of economic efficiency. We find that SMEs exhibit significantly lower investment responsiveness to growth opportunities compared to large firms. This divergence is not driven by the differences in growth opportunities, cash flows or external dependence between small and large public firms. While we did not find evidence suggesting larger financial market size enhances SMEs’ capital allocation efficiency, we documented that a more informative financial market substantially improves SMEs’ investment sensitivity to growth opportunities. These findings provide important global policy insights specifically relevant for enhancing SMEs’ efficiency and growth.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104596"},"PeriodicalIF":9.8000,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Capital allocation efficiency of SMEs: Global evidence\",\"authors\":\"Liang Ma , Xiaowen Zhang\",\"doi\":\"10.1016/j.irfa.2025.104596\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Leveraging a comprehensive cross-country dataset, this study systematically examines whether and how small and midsize enterprises (SMEs) differ from large firms regarding capital allocation efficiency, which is an essential matter of economic efficiency. We find that SMEs exhibit significantly lower investment responsiveness to growth opportunities compared to large firms. This divergence is not driven by the differences in growth opportunities, cash flows or external dependence between small and large public firms. While we did not find evidence suggesting larger financial market size enhances SMEs’ capital allocation efficiency, we documented that a more informative financial market substantially improves SMEs’ investment sensitivity to growth opportunities. These findings provide important global policy insights specifically relevant for enhancing SMEs’ efficiency and growth.</div></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":\"107 \",\"pages\":\"Article 104596\"},\"PeriodicalIF\":9.8000,\"publicationDate\":\"2025-09-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1057521925006830\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521925006830","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

利用全面的跨国数据集，本研究系统地考察了中小企业（SMEs）在资本配置效率方面是否与大公司不同，以及如何不同，这是经济效率的一个基本问题。我们发现，与大公司相比，中小企业对增长机会的投资反应能力明显较低。这种差异不是由小型和大型上市公司在增长机会、现金流或外部依赖方面的差异所驱动的。虽然我们没有发现证据表明更大的金融市场规模提高了中小企业的资本配置效率，但我们证明，信息更丰富的金融市场大大提高了中小企业对增长机会的投资敏感性。这些发现为提高中小企业的效率和增长提供了重要的全球政策见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Capital allocation efficiency of SMEs: Global evidence

Leveraging a comprehensive cross-country dataset, this study systematically examines whether and how small and midsize enterprises (SMEs) differ from large firms regarding capital allocation efficiency, which is an essential matter of economic efficiency. We find that SMEs exhibit significantly lower investment responsiveness to growth opportunities compared to large firms. This divergence is not driven by the differences in growth opportunities, cash flows or external dependence between small and large public firms. While we did not find evidence suggesting larger financial market size enhances SMEs’ capital allocation efficiency, we documented that a more informative financial market substantially improves SMEs’ investment sensitivity to growth opportunities. These findings provide important global policy insights specifically relevant for enhancing SMEs’ efficiency and growth.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.