The benefit of being public: Evidence from survival analysis of corporate financing
利用日本上市公司和私营企业1999-2011年数据，用Cox比例风险模型发现上市能提高企业债务发行、债务偿还和股权增加对实际杠杆偏离目标杠杆的响应速度，证明上市带来的融资便利性。
Abstract This study empirically investigates the most typical benefit of being public (i.e., having listed firm status), namely, ease of financing. Applying the Cox proportional hazards model to the data of Japanese public and private firms from 1999 to 2011, I find that being public enhances a firm's responsiveness of debt issuance, debt retirement, and equity increase to the deviation of the actual leverage from the estimated target leverage. I argue that the enhancement in the responsiveness of these financing decisions provides evidence on the ease of financing that results from being public.