Law, Finance, and Firm Growth
研究法律和金融体系差异如何影响企业利用外部融资支持增长，发现高效法律体系、活跃股市和大型银行部门促进外部融资，而政府补贴无显著作用。
We investigate how differences in legal and financial systems affect firms' use of external financing to fund growth. We show that in countries whose legal systems score high on an efficiency index, a greater proportion of firms use long‐term external financing. An active, though not necessarily large, stock market and a large banking sector are also associated with externally financed firm growth. The increased reliance on external financing occurs in part because established firms in countries with well‐functioning institutions have lower profit rates. Government subsidies to industry do not increase the proportion of firms relying on external financing.