Enterprise ownership constraints and the role of equity markets in financial development
从发行者视角分析，认为在破产风险限制负债的情况下，所有者财富约束企业扩张，发行少数股权可缓解此约束，从而股权与债务互补，股票市场若正确定价企业前景则能提升整体配置效率。
The long standing controversy of the contribution of equity markets to economic development has been reactivated by the emerging markets phenomenon. Positive reassessments have emphasised diversification and liquidity gains for investors funding risky, long lived, projects. The present analysis adopts instead the viewpoint of the issuer; the owner controlled enterprise typical of LDCs. Owners’ wealth is a fundamental constraint on expansion when gearing is limited by bankruptcy risk and minority equity issue eases this constraint. It is suggested that equity and debt are thus complementary and that stock markets may improve overall allocative efficiency if equities correctly value firm prospects.