The equity funding of smaller growing companies and regional stock exchanges
分析了英国另类投资市场（AIM）的所有首次公开募股（IPO），发现伦敦主导了IPO活动，反映了当地经济活力而非区域融资差异，建议现有交易所加强与小企业咨询和网络组织的联系以改善早期融资。
The credit crisis has led to tightened bank so lending to smaller firms it is no surprise that the debate concerning the re-introduction of regional stock exchanges into the UK has received fresh impetus. This article analyses all UK based Initial Public Offerings (IPOs) on the Alternative Investment Market (AIM) to contribute to this debate and the small firm funding literature. The results indicate that London has dominated IPO activity on the AIM; this reflects the dynamism of this local economy rather than differential funding across the regions. A more fruitful approach than developing regional stock exchanges might be for the current stock exchange to develop stronger links with small business advice and networking organizations working with these existing mechanism/structures to enhance the supply of equity and debt finance to suitable firms much earlier in their life-cycles.