Financing Corporate Growth
研究发现股权融资对企业增长的促进作用远大于债务融资：每1美元股权融资对应增加0.93美元实际资产，而债务融资仅增加0.14美元。企业先发行股权，再增加实际资产，最后发行债务并回购股权。
Abstract Considerable research tackles the aggregate impact of debt financing. We show that equity is more important for firm growth than generally understood. A dollar of equity issuance is associated with an extra $\$0.93$ of real assets, whereas a dollar of debt issuance is associated with an extra $\$0.14$. Firms issue equity first, then increase real assets, and, finally, issue debt while repurchasing equity. We explain this sequence using a model in which debt is tax preferred relative to equity but is subject to limited commitment. We use the estimated model to evaluate how several government policies affect corporate growth.