Information Asymmetry about Investment Risk and Financing Choice
研究发现，融资选择取决于投资项目风险的信息不对称程度：股权融资用于研发等高风险信息不对称项目，债务融资用于流动性增强等低风险信息不对称项目。
Abstract Though it is generally accepted that information asymmetry has an impact on capital structure policy, the nature of the information asymmetry is not well understood. Recent theoretical work and empirical evidence suggests that financing choice depends upon the information asymmetry associated with the investment risk of the particular use of proceeds. Consistent with this view, using the sources and uses of funds framework, we find that equity is used to fund projects with greater information asymmetry about their risk such as research and development expenditure, while debt is used to fund investments with lower information asymmetry about their risk such as liquidity enhancement.