Financing Decisions along a Firm’s Life-cycle: Debt as a Commitment Device
分析了企业生命周期中融资决策的模式及其与未来增长和发展的互动，解释了初创期外部债务融资的重要性，并指出股权融资更可能发生在封闭持股企业和企业家面临高污名化成本的国家。
We analyse the life†cycle patterns of a firm’s financing decisions and their interaction with future growth and development decisions. We derive different financing sequences which we link to existing empirical research as well as derive new testable hypotheses regarding differences in firms’ financing decisions to project, firm, market and country characteristics. We provide a rationale for the importance of (external) start†up debt financing as observed in recent empirical studies. Furthermore, we argue that equity financing at both development stages is more likely for closely†held firms and in countries in which entrepreneurs face high stigmatisation costs.