The Determinants of Financial Structure: New Insights from Business Start‐ups
研究初创企业因缺乏历史、高失败风险和所有权集中带来的信息与激励问题如何影响其杠杆、债务构成和期限结构，发现高逆向选择和风险转移问题的企业银行债务更少但依赖其他债务，成长行业的企业杠杆更低但银行债务更多。
Abstract Business start‐ups lack prior history and reputation, face high failure risk, and have highly concentrated ownership. The resulting information and incentive problems, combined with entrepreneurial private benefits of control, affect initial financing decisions. This paper examines simultaneously the impact of these issues on leverage, debt mix and maturity. We find that start‐ups with high adverse selection and risk shifting problems contract less bank debt but compensate with other debt sources. Start‐ups in growing industries have lower leverage, but raise more bank debt. Entrepreneurs with large private control benefits contract less but longer term bank loans to lower the default probability.