The effect of external finance on the equilibrium allocation of capital

被引：67

作者：

Almeida, H ^{[1
]}

Wolfenzon, D ^{[1
]}

机构：

[1] NYU, Stern Sch Business, New York, NY 10012 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2005年 / 75卷 / 01期

关键词：

capital reallocation; financial development; investor protection; external finance;

D O I：

10.1016/j.jfineco.2004.06.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We develop an equilibrium model to understand how the efficiency of capital allocation depends on outside investor protection and the external financing needs of firms. We show that when capital allocation is constrained by poor investor protection, an increase in firms' external financing needs may improve allocative efficiency by fostering the reallocation of capital from low to high productivity projects. We also find novel empirical support for this prediction. (C) 2004 Elsevier B.V. All rights reserved.

引用

页码：133 / 164

页数：32

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