美联储-资本获取与IPO决策：美国私营企业分析（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)Access to Capital and the IPO Decision: An Analysis of USPrivate FirmsAndres Almazan, Nathan Swem, Sheridan Titman, Gregory Weitzner2025-102Please cite this paper as:Almazan, Andres, Nathan Swem, Sheridan Titman, and Gregory Weitzner (2025). “Accessto Capital and the IPO Decision: An Analysis of US Private Firms,” Finance and EconomicsDiscussion Series 2025-102. Washington: Board of Governors of the Federal Reserve System,https://doi.org/10.17016/FEDS.2025.102.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.Access to Capital and the IPO Decision:An Analysis of US Private Firms∗Andres Almazan†Nathan Swem‡Sheridan Titman§Gregory Weitzner¶November 2025AbstractWe analyze firms’ IPO decisions using detailed financial data on US private firms.We find that firms with higher external capital needs are more likely to go public.Following the IPO, firms increase their investment and debt issuance, resulting inleverage ratios close to their pre-IPO levels. Finally, newly public firms borrow froman expanded pool of lenders at improved terms, with a decrease in the within-firmdispersion in banks’ private risk assessments. Our evidence is consistent with firmsgoing public to improve their access to capital, which is facilitated by a reductionin asymmetric information.∗We thank Jason Abrevaya, Daniel Bias, Adolfo De Motta, Mike Ewens, Slava Fos, Paolo Fulghieri,Charlie Hadlock, Helyoth Hessou, Kose John, Steve Kaplan, Philipp Krueger, Borja Larrain, Zack Liu,Michelle Lowry, Simon Mayer, Amrita Nain, Aaron Pancost, Lubos Pastor, Gordon Phillips, Jay Ritter,Amir Sufi and conference and seminar participants at the Fed Board, FRA, GREFA, University ofHouston, McGill, MFA, NBER Fall Corporate Finance Meeting, Oregon Summer Finance Conference,Private Equity Research Symposium, PUC Chile, Texas A&M Young Scholars Consortium, Universityof Texas Austin, and Virtual Corporate Finance Friday for the helpful comments and discussions. Wethank Farah Bernstein, Siddhartha Lewis-Hayre, Pierre Alexandre-Larouche and Lin Yang for excellentresearch assistance. The views expressed in this paper are solely those of the authors. They do notnecessarily reflect the views of the Federal Reserve Board or the Federal Reserve System.†University of Texas at Austin. Email: andres.almazan@mccombs.utexas.edu.‡Federal Reserve Board. Email: nathan.f.swem@frb.gov.§University of Texas Austin. Email: sheridan.titman@mccombs