Financial Strategies of Small, Public Firms: A Comparative Analysis with Small, Private Firms and Large, Public Firms
通过典型相关分析，考察了190家小型上市公司的资产负债表账户间关系，发现其同时使用现金和股权管理风险，以长期资产抵押长期债务，并用应付账款等短期债务为存货和应收账款融资，其财务策略兼具小型私营企业与大型公司的特征。
This study uses canonical correlation analysis to examine the Interrelationships among balance sheet accounts for 190 small, publicly traded corporations. The results suggest that small, public corporations manage risk with the concurrent use of cash and equity, use long-term assets as collateral for long-term debt, and use accounts payable and other current debt to finance receivables and Inventories. Small, public corporations have characteristics similar to both small, private businesses and large corporations, while having unique, Individual qualities. These findings can be attributed to the small, public corporation having greater access to the capital markets than the small, private business, but facing greater constraints than the large corporation In accessing those markets. These results Increase the understanding of the sources and uses of funds for the small, public corporations and Indicates that financing strategies tend to evolve as firms grow.