Debt or Equity?: How Firms in Developing Countries Choose
Debt or Equity?: How Firms in Developing Countries Choose
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债务还是股权？：发展中国家的企业如何选择
DOI：
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发表时间：
1994
期刊：
影响因子：
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通讯作者：
J. Glen
中科院分区：
文献类型：
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作者：
J. Glen
由于长期受到政府控制的抑制，新兴市场（EM）的企业融资正在发生巨大变化，因为最近的自由化正在振兴停滞的国内资本市场，并允许更多地进入海外市场。本文考察了新兴市场企业在融资决策中如何在债务和股权之间做出选择。本文首先讨论了新兴市场公司融资的传统特征。然后，在成本、风险、控制和披露等标准考虑的基础上，提出了一个简单的债务-股权选择框架。几个新兴市场国家的例子说明了这些考虑可能受到政府控制影响的独特方式。本报告的中心结论是，与西方公司一样，新兴市场公司寻求将资本成本降至最低，并将控制权保留在现有股东手中。但它们也面临着许多非市场约束，而这些约束现在正在消失。结论部分评论了一些有趣的经验规律，在各国开始金融自由化。
Long stifled by government controls, emerging market (EM) corporate finance is changing dramatically as recent liberalization is revitalizing stagnant domestic capital markets and permitting increased access to overseas markets. This paper examines how EM firms choose between debt and equity in their financing decisions. The paper starts with a discussion of the traditional features of EM corporate finance. It then presents a simple framework for the debt-equity choice based on the standard considerations of cost, risk, control and disclosure. The unique manner in which these considerations could be influenced by government control is illustrated with examples from several EM countries. The central conclusion of this report is that, like Western firms, EM firms seek to minimize the cost of capital and retain control in the hands of existing shareholders. But they also face many non-market constraints, which are now disappearing. The concluding section remarks upon a number of interesting empirical regularities across countries as they embark on financial liberalization.