How Costly Is External Financing? Evidence from a Structural Estimation
通过动态模型的结构估计，量化了企业外部融资成本，发现大型企业边际股权发行成本为5.0%，破产成本为资本的8.4%；小型企业则分别为10.7%和15.1%。
ABSTRACT We apply simulated method of moments to a dynamic model to infer the magnitude of financing costs. The model features endogenous investment, distributions, leverage, and default. The corporation faces taxation, costly bankruptcy, and linear‐quadratic equity flotation costs. For large (small) firms, estimated marginal equity flotation costs start at 5.0% (10.7%) and bankruptcy costs equal to 8.4% (15.1%) of capital. Estimated financing frictions are higher for low‐dividend firms and those identified as constrained by the Cleary and Whited‐Wu indexes. In simulated data, many common proxies for financing constraints actually decrease when we increase financing cost parameters.