Do Private Firms Invest Differently than Public Firms? Taking Cues from the Natural Gas Industry
利用美国天然气行业74,670个项目的详细数据，研究发现私营企业对投资机会变化的反应弱于上市公司，尤其在资本密集型增长机会上，私营企业倾向于出售项目而非自行投资。
ABSTRACT We study how listing status affects investment behavior. Theory offers competing hypotheses on how listing‐related frictions affect investment decisions. We use detailed data on 74,670 individual projects in the U.S. natural gas industry to show that private firms respond less than public firms to changes in investment opportunities. Private firms adjust drilling activity for low capital‐intensity investments. However, they do not increase drilling in response to new capital‐intensive growth opportunities. Instead, they sell these projects to public firms. Our evidence suggests that differences in access to external capital are important in explaining the investment behavior of public and private firms.