| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15193 |
| 来源ID | Working Paper 15193 |
| Firm Dynamics and Financial Development | |
| Cristina Arellano; Yan Bai; Jing Zhang | |
| 发表日期 | 2009-07-30 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper studies the impact of cross-country variation in financial market development on firms' financing choices and growth rates using comprehensive firm-level datasets. We document that in less financially developed economies, small firms grow faster and have lower debt to asset ratios than large firms. We then develop a quantitative model where financial frictions drive firm growth and debt financing through the availability of credit and default risk. We parameterize the model to the firms' financial structure in the data and show that financial restrictions can account for the majority of the difference in growth rates between firms of different sizes across countries. |
| 主题 | Macroeconomics ; Consumption and Investment ; International Economics ; International Factor Mobility |
| URL | https://www.nber.org/papers/w15193 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572869 |
| 推荐引用方式 GB/T 7714 | Cristina Arellano,Yan Bai,Jing Zhang. Firm Dynamics and Financial Development. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15193.pdf（352KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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