Small new firms and the return to alternative sources of finance
Publication in refereed journal


香港中文大学研究人员 ( 现职)

麦建理教授 (金融学系)

全文

数位物件识别号 (DOI) http://dx.doi.org/10.1007/BF00389529

引用次数
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/11Scopus source URL

其它资讯

摘要This study analyses the returns to alternative sources of finance in the small new firm sector. Prior work in this area has concentrated on large established firms and has been subject to significant problems of interpretation. Many of these problems are absent when considering small new firms and this paper suggests that the various forms of finance used differ in terms of the return on capital employed they are associated with. In particular, sources of bank finance for small new firms are associated with higher returns than other available sources of finance. This paper, therefore, supports the results of Baumol et al. (1970, 1973) that externally raised finance is associated with higher returns vis-à-vis internally raised finance and suggests that small new firms are either inefficient in their use of funds or suffer from imperfections in capital markets. The determination of which of these arguments applies, however, awaits further research. ? 1990 Kluwer Academic Publishers.

着者Keasey K., McGuinness P.
期刊名称Small Business Economics
出版年份1990
月份9
日期1
卷号2
期次3
出版社Kluwer Academic Publishers
出版地Netherlands
页次213 - 222
国际标準期刊号0921-898X
电子国际标準期刊号1573-0913
语言英式英语