Capital Allocation by Public and Private Firms
利用跨国数据比较上市公司与非上市公司的投资政策，发现上市公司对增长机会的投资敏感度更高，但这一优势仅存在于股票市场发达的国家，且受代理成本和外部股权依赖程度影响。
Abstract We compare investment policies across public and private firms in different institutional settings. Using a large cross-country data set, we find that public listed firms are better positioned to take advantage of growth opportunities than private firms. Specifically, public listed firms exhibit higher investment sensitivity to growth opportunities than private firms. This differential, however, only exists in countries with well-developed stock markets. Furthermore, the relative advantage public firms have at allocating capital depends on the degree of agency costs and reliance on external equity.