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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：战略筹资：营销活动对中小企业债务水平与企业估值之间的缓和关系

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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：本研究认为，通过管理投资者的解释，可以签发债务。特别是，我们注意债务融资的信令方面，并猜测公司有目的地确定债务发行水平，这可能影响公司估值。此外，我们认为营销活动的分歧或分歧的债务作用受到营销活动，作为对待该公司的利益相关者评价的一种方式。在美国股市中小企业（中小企业）中，在经验上审查了这一思想。使用1982年至2010年的2174美国公共公司的样本，我们发现资源独立债务（称为特质债务）对公司估值的影响分歧，这种关系的营销审核也分散。

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