Alternative Finance after Natural Disasters
研究了自然灾害后替代融资（如私募股权、众筹和风险投资）如何成为受影响企业的重要资金来源，基于2010-2019年美国公司数据，发现灾害后三个月内私人融资平均增加47%。
Abstract In this paper, we show that alternative finance (e.g. private equity, crowdfunding and venture capital) is a key source of funding for firms that are affected by natural disasters. Using data on a large sample of US companies from 2010 to 2019, we provide robust empirical evidence that private funding increases within 3 months after the occurrence of a natural disaster. Panel data analysis at state level shows that extreme events cause at least an average increase of funding from alternative finance by 47% relative to firms in non‐affected states. We also find that size, reliance on physical assets and age improve access to alternative finance after adverse natural events. Our empirical evidence highlights the key role of private lenders in providing financial resources to affected firms after extreme exogenous events.