Strategy and Financial Policy in UK Small Firms
研究英国中小企业中战略与财务因素如何共同解释债务水平，发现竞争战略影响资本结构，但公司战略因素影响不大，同时支持中小企业融资存在啄食顺序和利润波动导致困境借贷。
There is growing evidence that capital structure and firm strategy are linked but most studies to date have focused on large, publicly quoted firms, with little attention given to small and medium‐sized enterprises (SMEs). A major proposition of the study is that both strategic and financial factors are necessary to explain chosen debt levels. The empirical question adopted for this work, given the best financial model of capital structure, is – does strategy provide any additional explanatory power? Hence strategy and financial variables are seen as complementary rather than competing determinants of capital structure. There appears to be strong evidence supporting the proposition that competitive strategy affects the capital structure of SMEs, but there is little evidence of any impact from corporate strategic factors. The study also supports the notion that there is a ‘pecking order’ in SME financing and that variability in profits results in ‘distress’ borrowing. This study provides important empirical evidence to support work on the capital structure puzzle and the funding problems of SMEs.