Listing Advantages Around the World

Using the firm-level data of 33 countries over 10 years (from 2008-2017), we find that the listed firms, on average, have lower marginal products of capital (measured by return on assets) than the unlisted firms in many countries. This implies that the listed firms face less financial constraints.

本研究采用2008年至2017年这10年间33个国家的企业层面数据，研究发现：在多数国家中，上市公司（listed firms）的资本边际产出（marginal products of capital，以资产收益率（return on assets）作为衡量指标）的平均水平低于非上市公司（unlisted firms）。这一结论表明上市公司面临的融资约束（financial constraints）程度更低。