Discouraged finance seekers: An analysis of Australian small and medium-sized enterprises
研究了企业规模、盈利能力、员工数、战略和生命周期等因素如何影响澳大利亚中小企业寻求债务或股权融资的行为，发现曾受挫的融资经历会显著影响后续行为，且企业对债务融资的受挫感强于股权融资。
This article investigates the effects of firm-level factors, including size, profitability, number of employees, business strategy and life-cycle, on finance seeking (debt and/or equity) by Australian small and medium-sized enterprises (SMEs). The study identifies firms seeking (or not seeking) finance and those who successfully (or unsuccessfully) acquired finance over a three-year period. Taking advantage of the longitudinal nature of the the data, the study finds that experience as a discouraged finance seeker significantly affects future behaviours. This has important policy implications: the observed demand for finance by SMEs and the capital rationing implied may understate the actual level as potential finance seekers anticipate rejection. The study also finds that SMEs become relatively more discouraged in seeking debt than equity finance.