Outside Enterpreneurial Capital
研究不同类型外部融资申请被拒的因素，发现企业通常能从至少一种渠道获得所需资金，但往往不是期望的形式，支持传统啄序理论。
This article investigates factors that affect rejection rates in applications for outside finance among different types of investors (banks, venture capital funds, leasing firms, factoring firms, trade customers and suppliers, partners and working shareholders, private individuals and other sources), taking into account the non-randomness in a firm's decision to seek outside finance. The data support the traditional pecking order theory. Further, the data indicate that firms seeking capital are typically able to secure their requisite financing from at least one of the different available sources. However, external finance is often not available in the form that a firm would like. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.