Do Firms Care Who Provides Their Financing?
Do Firms Care Who Provides Their Financing?
复制标题
公司关心谁为其提供融资吗？
DOI：
10.3386/w3039
复制
发表时间：
1989
期刊：
影响因子：
--
通讯作者：
Jeffrey K. MacKie
中科院分区：
文献类型：
--
作者：
Jeffrey K. MacKie
提出了几种类型的证据来证明公司关心的是谁提供他们的融资，而不仅仅是债务/股权的区别。记录了金融资本增量来源中的总体和行业趋势和模式，并对增量公司财务决策的大样本进行了计量经济学分析。无论是总体上还是跨行业，内部融资和外部融资的模式都存在巨大而持久的差异。个别公司对不同的资金提供者有不同的偏好。即使在控制了证券类型（债务或股权）之后，潜在代价高昂的隐藏信息问题的若干指标是在私人和公开销售来源之间作出选择的重要决定因素。
Several types of evidence are presented to demonstrate that firms are concerned with who provides their financing, not just with the debt/equity distinction. Aggregate and industry trends and patterns in the incremental sources of financial capital are documented, and a large sample of incremental corporate financial decisions is econometrically analyzed. There are large and persistent differences in the patterns of internal and external financing, both in the aggregate and across industries. Individual firms are shown to have distinct preferences for different providers of funds. Several indicators of potentially costly hidden information problems are important and significant determinants of choices between private and publicly-marketed sources, even after controlling for the type of security (debt or equity).
影响因子：
8
作者：
S. Titman;R. Wessels
通讯作者：
S. Titman;R. Wessels