Size of Financing Need and the Choice between Asset Sales and Security Issuances
研究了融资需求规模如何影响企业在出售资产和发行证券之间的选择，发现融资需求较小时企业更倾向出售资产，较大时则倾向发行证券。
Abstract We study the effect of the size of financing need on a firm's choice between selling assets and issuing securities to finance its investments. The balance sheet effect predicts that a firm prefers to sell assets when the financing need is relatively small as there is less information asymmetry regarding the value of a (small) subset of its assets. When the financing need is large, a firm prefers issuing securities to selling assets. We find evidence supporting the prediction. Our findings remain unchanged when we employ measures of financing need that are relatively independent of the actual amount of financing raised.