Firm Internationalization and Capital Structure in Developing Countries: The Role of Financial Development

Halit Gonenc; Daniel J. de Haan

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Firm Internationalization and Capital Structure in Developing Countries: The Role of Financial Development

机译：发展中国家的公司国际化与资本结构：金融发展的作用

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We investigate the relationship between internationalization and the level of debt financing for more than 18,000 firm/year observations from thirty-one developing countries in the period 1991-2006. We argue that this relationship can be affected by both country-level and firm-level factors. The results show that in developing countries with relatively higher financial development, firm internationalization corresponds with a greater level of debt when firms have more growth opportunities (which also indicate a higher level of asymmetric information). This evidence suggests that relatively developed financial markets in developing countries at least partially mitigate the effect of asymmetric information and decrease the agency cost of debt for firms with higher levels of internationalization.

机译：我们调查了1991-2006年间来自31个发展中国家的18,000多家公司/年的观察结果，探讨了国际化与债务融资水平之间的关系。我们认为，这种关系可能会受到国家层面和公司层面因素的影响。结果表明，在金融发展相对较高的发展中国家，当企业拥有更多增长机会时，企业国际化就对应着更高的债务水平（这也表明信息不对称程度更高）。该证据表明，发展中国家相对发达的金融市场至少部分缓解了信息不对称的影响，并降低了具有较高国际化水平的公司的债务代理成本。

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来源
《Emerging Markets Finance & Trade》 |2014年第2期|169-189|共21页
作者
Halit Gonenc; Daniel J. de Haan;
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作者单位

Department of Economics, Econometrics, and Finance, Faculty of Business and Economics, at the University of Groningen, Groningen, Netherlands;

Amsterdam, the Netherlands;

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原文格式 PDF
正文语种 eng
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关键词
agency cost of debt; capital structure; developing countries; financial development; firm internationalization;

机译：代理债务成本;资本结构;发展中国家;金融发展;企业国际化;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Firm Internationalization and Capital Structure in Developing Countries: The Role of Financial Development

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