| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP433 |
| DP433 Banks and Securities Markets: Corporate Financing in Germany and the UK | |
| Colin Mayer; Ian Alexander | |
| 发表日期 | 1990-06-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper compares corporate financing in the German bank-based and UK market-based systems. Large German firms pay out a lower proportion of their profits as dividends and finance a larger proportion of their investments from retentions. German banks extend more long-term finance to medium-sized firms but UK firms raise more new equity. The paper tests alternative theories of corporate finance. It finds no relation between finance and taxation, and information theories only receive limited support. Instead, it concludes that control models of corporate finance are consistent with observed patterns of finan. |
| 关键词 | Business finance Corporate finance Dividends investment |
| URL | https://cepr.org/publications/dp433 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529582 |
| 推荐引用方式 GB/T 7714 | Colin Mayer,Ian Alexander. DP433 Banks and Securities Markets: Corporate Financing in Germany and the UK. 1990. |
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