Stock Market Development and Financing Choices of Firms
研究了1980-1991年30个发展中国家和工业国家的数据，发现股票市场发展初期会提高企业的债务权益比，增加银行业务；而在成熟市场中则会导致股权替代债务。
In many developing countries with emerging stock markets, banks are fearful of stock market development because they think that stock markets will reduce the volume of their business. This article empirically analyzes the effects of stock market development on firms' financing choices using data from thirty developing and industrial countries from 1980 to 1991. The results imply that initial improvements in the functioning of a developing stock market produce a higher debt-equity ratio for firms and thus more business for banks. In stock markets that are already developed, further development leads to a substitution of equity for debt financing. By contrast, in developing stock markets, large firms become more levered as the stock market develops, whereas small firms do not appear to be significantly affected by stock market development.