您好,欢迎访问三七文档
当前位置:首页 > 商业/管理/HR > 企业财务 > 第二章新经济企业的投融资:结构及其变化
112060-70OECDR&DOECDR&DR&DR&DR&DR&DOECD20Information,CommunicationTechnology12=+211TMT,Telecommunication,Media&Technology2231946261993200231958M-M1962M-M197720701984123Titman&Wessels,1988,(DiamondandDybvig,1983)(Diamond,1984)(Fama,1985),1126.20%29.80%61.90%2.10%1ColinMayer,“FinancialSystems,CorporateFinance,andEconomicDevelopment,”inAsymmetricInformation,CorporateFinanceandInvestment,ed.R.GlennHubbard(Chicago:UniversityofChicagoPress,1990),p.312.0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%26ColinMayer,“FinancialSystems,CorporateFinance,andEconomicDevelopment.”InAsymmetricInformation,CorporateFinance,andInvestment,ed.R.GlennHubbard(Chicago:UniversityofChicagoPress1990),p.312.24500101200150063205611996-2001500199619971998199920002001111216161510710981060122230122741824292834232002345206721999GDP100%2GDP1999GDP71.1%163.3%137.3%GDP219996GDP88.8%164.6%126.5%GDP2199892500133815.00.42500-5000199022.31.45000-1225225.33.11-5265029.810.05-102973.33.810-1003193.618.2100640.763.1891010010019983199810101Citybank,NewYork296.15.8%2TheChaseManhattanBank,NewYork292.65.7%3Nationsbank,Charlotte,NC258.75.0%4BankofAmericaNationalTrustandSavingsAssociation,SanFrancisco244.34.8%5FirstUnionNationalBank,Charlotte,NC218.14.2%6MoganGuarantyTrustCompany,NewYork198.13.9%7BankersTrustCo.,NewYork121.42.3%73%FredericS.MishkinandStanleyG.Eakins,FinancialMarketsandInstitutions,Addison-Wesley2000.8WellsFargoBank,NationalAssociation,SanFrancisco85.41.7%9KeyBankNationalAssociation,Cleveland,Ohio73.51.4%10FleetNationalBank,Providence,RI71.41.4%1859.636.2FredericS.MishkinandStanleyG.Eakins,FinancialMarketsandInstitutions,Addison-Wesley2000(ThirdEdition)p.463.19992002120903GDPFIBVandECBCalculations.MarketCapitalizationintheUnitedStates:NYSEandNasdaq;Japan:Tokyo;EuroAreaandotherEUCountries:SumofMarketCapitalizationintheRespectiveCountriesasreportedbyFIBV.1933-1996GDP6%04475224742844675GDP%77.855.2111.7613614154842808GDP%100.448.4107.05422714140850611GDP%88.8164.6126.52023249385834189153900175373329077468372394346013861162758GDP%71.1163.3137.71199910199962AgnesBelaisch,JoaquimLevyandAngelUbide[2001],“Euro-AreaBankingattheCrossroads”,IMF1,,,,401020304050010203040506041962EconomicwelfareandtheallocationofresourcesforinventionMooreGarnsey(1992)Matthews(1994)StoreyandTether(1996)Philpott(1994)JensenMeckling,1976)Businessangel288IT1•10057080ICTICT1996100%1998129%77%5ICT/Brierley,PGAKearns(2001)ThomsonDatastream6ICTICT1999ICT9.0%5.4%199917.7%12.7%6ICTBrierley,PGAKearns(2001)ThomsonDatastream7ICTBrierley,PGAKearns(2001)ThomsonDatastream2Winnertakesitall880-90KenjiFujitaandTomoyukiMatsuno(2001)MinistryofInternationalTradeandIndustryMITIWhitePaperonSmallandMedium-sizedEnterprisesinJapan2000.Ayrer,B,CUpperandTWerner(2001):“Stockmarketvaluationofoldandneweconomyfirms”,DeutscheBundesbankpaper.Antoniewicz,RL(2001):“Financingofpublicly-traded‘neweconomy’firmsintheUnitedStates”,FederalReserveBoardpaper.*Bosomworth,AandSGrittini(2001):“Neweconomy,theequitypremiumandstockvaluation”,EuropeanCentralBankpaper.Brierley,PGandAKearns(2001):“ThefinancingpatternsofnewandoldeconomyfirmsintheUK”,BankofEnglandpaper.*Bugamelli,M,PPagano,FPaternò,AFPozzolo,SRossiandFSchivardi(2001):“Ingredientsfortheneweconomy:Howmuchdoesfinancematter?”Bancad’ItaliaTemidiDiscussioneCGFS(2002):“ITinnovationsandfinancingpatterns:implicationsforthefinancialsystem”,BISpapersCovitz,DandNLiang(2001):“Recentdevelopmentsintheprivateequitymarketandtheroleofpreferredreturns”,FederalReserveBoardpaper.CrawfordA(2001):“ProductivitygrowthinCanada–stylisedfactsandresearchissues.”BankofCanadapaper.Fornari,FandMPericoli(2001a):“Amacro-sectorperspectiveofTMTandtraditionalstockprices”,BankofItalypaper.Fornari,FandMPericoli(2001b):“CharacteristicsofstockpricesinTMTandtraditionalsectors”,BankofItalypaper.Fujita,KandTMatsuno(2001):“Financingthe‘neweconomy’firmsintoday’sJapan”,BankofJapanWorkingpaper.*Houben,AandJKakes(2001):“Fosteringthe‘neweconomy:Theroleoffinancialintermediation”,DeNederlandscheBankMebseriespaper.*Kahn,J,MMMcConnellandGPerez-Quiros(2001):“Inventoriesandtheinformationrevolution:implicationsforoutputvolatility”,FederalReserveBankofNewYorkpaper.*Liu,Y(2000):“AnoverviewofangelinvestorsinCanada”,BankofCanadapaper.*Lünnemann,P(2001):“Stockmarketvaluationofoldandneweconomyfirms,”BankofLuxembourgCahierd’étudesNo2.Mouriaux,FandFVerhille(2000):“Thedifficultyofpricing‘neweconomy’stocks”,BankofFrancepaper.Osler,CL(2001):“Corporategovernanceandthemarketforcorporatecontrol:LessonsfromtheUS”,FederalReserveBankofNewYorkpaper.*SanwaBankLtd.1995,VentureBusinessinJapan:CurrentStateandPromotionPolicies,SanwaEconomicLetter,2,ECBOECD
本文标题:第二章新经济企业的投融资:结构及其变化
链接地址:https://www.777doc.com/doc-1174922 .html