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1、CHAPTER10FinancinginDevelopingCountriesMeghanaAyyagaria,AsliDemirguc-Kuntb,andVojislavMaksimoviccaSchoolofBusiness,GeorgeWashingtonUniversity,FungerHall401,WashingtonD.C.20052,USAbTheWorldBank,1818HStreetNW,WashingtonD.C.20433,USAcRobertH.SmithSchoolofBusiness,VanMunchingHall,UniversityofMaryl
2、and,CollegePark,MD20742,USAContents1.Introduction6832.StylizedFactsAboutFirmsinDevelopingCountries6863.FirmsinDevelopingCountries—TheoriesandEmpiricalResearchIssues6923.1ModelsofFirmsinDevelopingCountries6923.2EmpiricalResearchIssues6974.InstitutionsandAccesstoFinanceinDevelopingCountries7044.
3、1FinanceandGrowth7044.2LegalTraditionsandPropertyRights7074.3InformationQualityandAvailability7124.4GovernmentIntervention,Corruption,andPoliticalTies7145.FirmFinancinginDevelopingCountries7165.1FinancingConstraints7165.2FirmFinancingPatterns(CapitalStructureChoice)7185.3CashHoldingsandLiquidi
4、tyManagement7215.4IssuanceActivities7225.4.1IPOs7225.4.2InternationalCapitalIssuances7235.4.3PrivateEquityandVentureCapital7265.5SmallFirmFinancing7276.Bank-BasedVersusMarket-BasedSystems7356.1PrevalenceofBank-BasedandMarket-BasedSystemsAcrosstheWorld7356.2BanksVersusMarket-BasedSystems—Theory
5、andEmpiricalEvidence7367.FormalandInformalSystems7408.Conclusion743References7441.INTRODUCTIONRecentdevelopmenttheoryhasshownfinancialdevelopmenttobeacriticaldeter-minantofentrepreneurship,innovation,andgrowth.However,accesstofinanceanditsdeterminantsvarywidelyacrossfirmsandcountry-levelinstit
6、utions.Financialeconomistsalsodisagreeontherolethatdifferenttypesoffinancialsystem,bankversusmarketbased,informalversusformal,playinacountry’sdevelopment.ResearchthatHandbookoftheEconomicsofFinance©2013ElsevierB.V.http://dx.doi.org/10.1016/B978-0-44-453594-8.00010-0Allrightsreserved.683684Megh
7、anaAyyagarietal.analyzestheroleofdifferentfinancialsystemsindifferentcountriesandtheirdiffer-entialimpactatthefirmleveliscrucialinshapingpolicyprescriptionsfordevelopingcountries.Inthischapter,wecompileandassessthecurrentknowledgeonther
