Capital market imperfections, high-tech investment, and new equity financing

• 成果类型: Article
• 署名作者: Carpenter, RE; Petersen, BC
• 署名单位: University System of Maryland; University of Maryland Baltimore County; Washington University (WUSTL)
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/1468-0297.00683
• 发表日期: 2002
• 页码: F54-F72
• 关键词: cash flow sensitivities; credit markets; FIRMS; performance; uncertainty; INFORMATION; QUALITY; RISK

摘要

Highly variable returns, asymmetric information and a lack of collateral should cause small high-tech firms to have poor access to debt. New equity financing has several advantages over debt, but may be costly compared to internal finance. We examine an unbalanced panel of over 2,400 publicly traded US high-tech companies over the period 1981-98. Most small high-tech firms obtain little debt financing. New equity financing, in the form of the initial public offering, is very important and permits a major increase in firm size. After going public, comparatively few firms make heavy use of external financing.