【正文】
Chapter 8 An Economic Analysis of Financial Structure 169。 2022 Pearson Education Canada Inc. 169。 2022 Pearson Education Canada Inc. 82 Sources of External Finance in Canada 169。 2022 Pearson Education Canada Inc. 83 Sources of Foreign External Finance 169。 2022 Pearson Education Canada Inc. 84 Puzzles of Financial Structure 1. Stocks are not most important source of external finance for businesses 2. Issuing marketable securities not primary funding source for businesses 3. Indirect finance (financial intermediation) is far more important than direct finance 4. Banks are most important source of external finance 5. Financial system is among most heavily regulated sectors of economy 6. Only large, well established firms have access to securities markets 7. Collateral is prevalent feature of debt contracts 8. Debt contracts are typically extremely plicated legal documents with restrictive covenant