FINANCIAL SECTOR DEVELOPMENT & FIRM GROWTH IN BRICS COUNTRIES

Shame Mugova

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FINANCIAL SECTOR DEVELOPMENT & FIRM GROWTH IN BRICS COUNTRIES

机译：金砖国家的金融业发展与企业增长

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The development of an economy’s financial sector facilitates improved access to capital. This study focuses on firm growth in terms of how much assets it controls and BRICS is chosen as the empirical medium of investigation. The impact financial sector development on firm growth amongst 3353 listed firms in BRICS countries is investigated using a GMM estimation technique. Firm’s investment in assets increases the organizational resources and productive capacity needed to achieve growth in the market. Financial sector development improves access to capital and firms with higher access to external finance pursue growth opportunities using debt. Financial sector development helps firms to adjust their capital structures quickly thereby minimizing the costs of staying off target. The speed of adjustment of firms towards their target capital structure facilitates financing of firm growth. The study found that listed firms in Brazil, Russia India, China and South Africa have a target total liabilities-to-total assets ratio and financial sector development helps firms to partially adjust towards target levels and pursue growth opportunities.

机译：经济金融部门的发展促进了获得资本的便利。这项研究着眼于公司增长的方面，即它控制着多少资产，金砖国家被选为调查的经验媒介。使用GMM估算技术研究了金砖国家3353家上市公司中金融业发展对公司增长的影响。公司对资产的投资增加了实现市场增长所需的组织资源和生产能力。金融部门的发展改善了获得资本的渠道，而拥有更多外部融资机会的公司则通过债务寻求增长机会。金融部门的发展有助于企业迅速调整其资本结构，从而将实现目标的成本降至最低。公司向目标资本结构调整的速度促进了公司增长的融资。该研究发现，巴西，俄罗斯，印度，中国和南非的上市公司的目标是总负债与总资产的比率，而金融部门的发展有助于公司向目标水平部分调整并寻求增长机会。

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《Risk Governance & Control: Financial Markets & Institutions》 |2017年第4期|共页
作者
Shame Mugova;
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正文语种
中图分类财政、金融;
关键词
Financial Sector DevelopmentFirm GrowthTotal Liabilities;

机译：金融业发展公司增长总负债;

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FINANCIAL SECTOR DEVELOPMENT & FIRM GROWTH IN BRICS COUNTRIES

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