Acquisition of Additional Equity Capital by Small Firms - Findings from the National Survey of Small Business Finances

摘要: While the importance of venture capital to growth small firms has been widely discussed during past decade, little is known about acquisition additional equity capital, especially internal by majority in U.S. This paper utilizes information collected Federal Reserve Board’s 1993 and 1998 Small Business Finance Surveys investigate firms. public issue markets investment promoting dynamic cannot be denied, external seems overstated. Only a very number acquired capital. It not external, equity, that one major financing sources for most We found younger, lower quality were more likely acquire than other There appeared “pecking order” borrowing from traditional lenders non-traditional lenders. In addition, debt complementary financial resources.