An Empirical Investigation of the Growth Cycle Theory of Small Firm Financing
用大样本数据检验了中小企业金融增长周期模型，发现规模较大的企业更倾向于使用公开股权融资或长期债务，而非内部融资。
This paper empirically tests the financial growth cycle model for small and medium-sized enterprises (SMEs), which postulates that as firms become larger, older, and more informationally transparent, their financing options become more attractive. We add to the literature by providing one of the first empirical tests of the model using a large, cross-sectional data set. Our results partially support the financial growth cycle model. Specifically, our results show larger firms, as measured by total number of employees, are more likely to use public equity funding or long-term debt as opposed to insider funding.