The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle
从金融成长周期视角分析小企业在私募股权和债务市场中的融资，探讨资本结构如何随企业规模和年龄变化，并讨论宏观经济环境的影响，适合研究小企业融资和资本结构的学者参考。
This article examines the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. We show the sources of small business finance, and how capital structure varies with firm size and age. The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research.