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（1）Review--Financing patterns
across the world
① Institutional differences & financial environment
Countries with weak legal systems, and consequently, weak financial systems, firms obtain less external financing which results in lower growth.
2.22
1.17 1.85 4.63
0.83
4.17 0.00 5.93
• （3）The
topic of this paper
① Whether the financing patterns of small firms differ from those of the large firms. ② The relation between firms’ external financing and a country’s financial and legal institutions. ③ we assess whether the relation between firms’ financing patterns and firm size varies across different levels of financial and institutional development.
Table 1
Country External finance Bank Equity Leasing Supplier Developm credit ent bank Informal
US
UK Germany Colombia Malaysia Poland Armenia
47.12
36.12 54.29 55.22 40.62 58.60 11.42
The access to external financing is shaped by a country’s legal and financial environment.
（1）Review--Financing patterns
across the world
① Institutional differences & financial environment Fan,Titman, and Twite (2003) study capital structure in 39 countries and confirm earlier findings that institutional differences between countries are much more important in determining capital structure choices of firms compared with other factors.
Equity 百度文库inance Supplier finance Informal finance
（2）Review--Different sources of external financing
Firm-level financing patterns averaged over all firms
2.94
0.47 4.13 0.00 0.71 1.72 0.68
Moldova
Italy Trinidad China
20.07
77.71 71.35 29.93
10.11
49.67 40.00 10.17
0.49
6.88 12.73 2.41
2.01
1.67 0.85 1.63
4.40
5.83 15.18 2.41
2、Data , Methodology and Results
（1）Data and Methodology
（2）Results
① regression model 1 ② regression model 2 ③ regression model 3
（2）Review--Different sources of external financing
We categorize the different sources of external financing into six groups:
Bank finance Leasing finance Development finance
Contents
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2 3 4
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1、Review of the Literature and the Topic
（1）Review-Financing patterns across the world
Institutional differences & financial environment
21.47
13.14 16.84 29.18 13.81 15.44 4.53
3.24
11.56 23.13 0.37 4.76 27.58 0.00
6.09
2.91 0.74 1.97 3.48 4.50 1.08
6.62
7.47 0.94 12.45 13.81 4.60 0.88
6.76
0.58 8.52 4.78 4.05 4.33 3.58
（2）Review-Different sources of external financing
（3）The topic of this paper
（1）Review——Financing patterns across the world ① Institutional differences & financial environment Recent papers studying financing patterns around the world emphasize the effects of institutional differences across countries on capital structure.