The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle
The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle
复制标题
DOI：
10.2139/ssrn.137991
复制
发表时间：
1998-04
期刊：
影响因子：
--
通讯作者：
Allen N. Berger;Gregory F. Udell
中科院分区：
文献类型：
--
作者：
Allen N. Berger;Gregory F. Udell
我们研究了在私募股权和债务市场为小企业融资的经济学。企业是通过金融增长周期范式来看待的，在该范式中，不同的资本结构在周期的不同点是最优的。我们展示了小企业融资的来源，以及资本结构如何随着企业规模和年龄的变化而变化。讨论了小企业融资的相互关联性以及宏观经济环境的影响。我们还分析了一些研究和政策问题，回顾了文献，并为未来的研究提出了主题。
We examine the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. We show the sources of small business finance, and how capital structure varies with firm size and age. The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research.