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1、BanksandBankSystems,Volume3,Issue4,2008Hai-ChinYu(Taiwan),KenH.Johnson(USA),Der-TzonHsieh(Taiwan)Publicdebt,bankdebt,andnon-bankprivatedebtinemerginganddevelopedfinancialmarketsAbstractUsinganeffectivesampleof3,453observationsselectedfromtheTaiwanesestockexchange,thisstu
2、dydocumentsandattemptstoreconciledivergentoutcomesfromtheextantliteratureondebtstructure(public,bank,andnon-bankprivatedebt).Sampledfirmsfromthisemergingmarketgenerallyacquiredebtfrombothpublicandprivatesources,withastrongpreferenceforbankdebt,suggesting,amongotherthings
3、,thatbankdebtandpublicdebtcomplementeachotherratherthanactingassubstitutes.Fourinterestingalternativeexplanationsareprovidedinanattempttorec-oncilethecontraindicativeresultsthatarisewhenmodelingtheuseofpublicdebt.Keywords:bankdebt,publicdebt,privatedebt,debtstructure.JEL
4、Classification:G32,G20,G21.Introduction©esepublicdebtmarketisalmostunheardofinthecorrespondingU.S.market.Consequently,investi-Traditionally,theworld’sfinancialmarketsaregatingfirmsfromanemergingmarketwithaccessviewedaseitherdevelopedoremergingones.To-topublicdebtandtheir
5、subsequentdebtstructureisday,however,thisdescriptionisbetterrestatedasaaninterestingtopic.processofemergingandmergingmarkets.Tocon-tinueinanorderlyprocess,reconcilingthepracticesWhatdrivesthemakeupofthismixtureofpublicandconventionsacrossthegrowingworldfinancialandprivat
6、edebtindevelopedmarketsisthesubjectmarketisnecessary.Thispapercontributestothisofmuchdebateintheextantliterature.Numerousprocessbyanalyzingdebtstructureforpubliclyworksattempttoexplaincorporatepreferencesintradedfirmsinoneoftheworld’srecognizeddebtmixture.Fama(1985),Berl
7、inandLoeysemergingmarketsandattemptstoreconcilediffer-(1988),Diamond(1991),andBerlinandMesterentialoutcomeswiththeextantliterature.(1992)providearepresentativesampleoftheseworks.Generally,theseworksconcludethatbanksIntheU.S.,debtfinancinghasbeenthepredominanthelpmitigate
8、problemsstemmingfrominformationsourceofexternalfundsoverthepasttwodecadesasymmetriesbetweenfirmsanddebt
