Access to Capital, Capital Structure, and the Funding of the Firm
基于英国公私企业的大数据集，发现私营企业几乎只依赖债务融资、杠杆率更高，且资本结构对业绩波动更敏感，原因是私募股权成本高于公开股权。
ABSTRACT Based upon a large data set of public and private firms in the United Kingdom, I find that compared to their public counterparts, private firms rely almost exclusively on debt financing, have higher leverage ratios, and tend to avoid external capital markets, leading to a greater sensitivity of their capital structures to fluctuations in performance. I argue that these differences are due to private equity being more costly than public equity. I further examine the private firms subsample to show that private equity is more costly than its public counterpart due to information asymmetry and the desire to maintain control.