| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13640 |
| DP13640 Growth Firms and Relationship Finance: A Capital Structure Approach | |
| Roman Inderst; Vladimir Vladimirov | |
| 发表日期 | 2019-04-02 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We analyze how relationship finance, such as venture capital and relationship lending, affects growth firm's capital structure choices. We show that relationship investors that obtain a strong bargaining position due to their privileged information about the firm, optimally cash in on their dominance by pushing it to finance follow-up investments with equity. The firm underinvests if its owner refuses to accept the associated dilution. However, this problem is mitigated if the firm's initial relationship financing involves high leverage or offers initial investors preferential treatment in liquidation. By contrast, if initial investors are unlikely to gain a dominant position, firms optimally lever up only in later rounds. Our implications for relationship and venture capital financing highlight that the degree of investor dominance is of key importance for growth firm's capital structure decisions. |
| 主题 | Financial Economics |
| 关键词 | Financial contracting Relationship financing Dominant investors Equity financing |
| URL | https://cepr.org/publications/dp13640 |
| 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/542499 |
| 推荐引用方式 GB/T 7714 | Roman Inderst,Vladimir Vladimirov. DP13640 Growth Firms and Relationship Finance: A Capital Structure Approach. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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