Financing and New Product Decisions of Private and Publicly Traded Firms
利用医疗保险全国覆盖报销批准作为准自然实验，研究私营和上市公司如何根据投资机会变化调整融资决策，发现上市公司在批准后融资和新产品推出增加更多，私募股权是主要融资来源。
We exploit Medicare national coverage reimbursement approvals as a quasi-natural experiment to investigate how the financing decisions of private and publicly traded firms respond to changes in investment opportunities. We find that publicly traded companies increase their external financing and their subsequent product introductions by more than private companies in response to national coverage approvals. Private equity financing is the primary source of the increased financing for public firms. We show that the stock characteristics of publicly traded firms, such as liquidity and price informativeness, and product market competition are important factors in explaining their financing advantage.