Firm Listing Status, Firm Size, and the Financing of Investment
研究了公司上市状态和规模如何影响投资融资方式，发现私营企业更依赖银行贷款，而金融债务和股权融资的贡献随公司规模增大而增加。
Abstract How do companies finance their investments? We examine the financing of investments according to firms’ listing status, their size, and the nature of the investments. We show that private firms rely more on bank credit than public firms and less on financial debt, equity, and cash flow. We also show that the contribution of financial debt and equity increases with firm size. Considering both dimensions, we always find an increasing contribution of other financial debt and equity with firm size in both populations. Therefore, even in a bank-based economy, equity plays an important role in the investment of larger private firms.