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首页> 外文期刊>The North American journal of economics and finance >Financing strategically: The moderation effect of marketing activities on the bifurcated relationship between debt level and firm valuation of small and medium enterprises
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Financing strategically: The moderation effect of marketing activities on the bifurcated relationship between debt level and firm valuation of small and medium enterprises

机译：战略性融资：营销活动对中小型企业债务水平与公司估值之间分歧关系的调节作用

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摘要

This study argues that debt can be strategically issued by governing its interpretations from investors. In particular, we pay attention to the signaling aspects of debt financing, and conjecture that firms purposefully determine the level of debt issuance, which can affect firm valuation. Also, we argue that the bifurcated or diverged roles of debt are moderated by marketing activities, as a way to treat the stakeholders' evaluation of the firm. This idea is empirically examined in a population of SMEs (Small- and Medium-sized Enterprises) in the U.S. stock market. Using a sample of 2174 U.S. public firms ranging from 1982 to 2010, we find resource independent debt (called idiosyncratic debt) has diverged impacts on firm valuation and the marketing moderation of such relationship is also bifurcated.
机译：这项研究认为，可以通过控制投资者对债务的解释来战略性发行债务。特别是，我们关注债务融资的信号方面，并推测企业有意确定债务发行水平，这会影响企业估值。另外，我们认为，债务的分叉或分散作用是通过营销活动来缓解的，这是对待利益相关者对公司评估的一种方式。在美国股票市场中的中小企业群体（中小型企业）中进行了经验验证。我们使用1982年至2010年期间的2174家美国上市公司作为样本，发现资源独立债务（称为特质债务）对公司估值产生了不同的影响，并且这种关系的营销适度也被分叉了。

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