| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14512 |
| DP14512 Set-up Costs and the Financing of Young Firms | |
| Francois Derrien; Jean-Stéphane Mésonnier; Guillaume Vuillemey | |
| 发表日期 | 2020-03-19 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that set-up costs are a key determinant of the capital structure of young firms. Theoretically, when firms face high set-up costs, they can only be established by lengthening debt maturity. Empirically, we use a large sample of French firms to show that young firms have a significantly higher leverage and issue longer-maturity debt than seasoned companies. As predicted by the model, these patterns are stronger in high set-up cost industries and for firms with lower profitability. Last, we show that, following an exogenous shock that reduces banks' supply of long-term loans, young firms in high set-up cost industries grow significantly less. |
| 主题 | Financial Economics |
| 关键词 | Young firms Set-up costs Leverage Debt maturity Capital structure Financial frictions |
| URL | https://cepr.org/publications/dp14512 |
| 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/543414 |
| 推荐引用方式 GB/T 7714 | Francois Derrien,Jean-Stéphane Mésonnier,Guillaume Vuillemey. DP14512 Set-up Costs and the Financing of Young Firms. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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