The study examines the differences in financial debt choices of SME and Non-SME firms in India. Being SMEs, firms enjoy special grants and packages that non-SMEs firms do not, and very often, the SMEs do not want to let go of the SME status. This brings in the information asymmetry and agency problem among the market participants and this may result in differences in the debt choices of the firms. We found that the existing SMEs use more unsecured debt, the newly added SMEs use more long-term debt and secured debt reflecting firm-specific growth opportunities. This shows the difference in capital structure decisions of SMEs operated under different policy environments sourced because of the conflict of interests among the participants.

该研究考察了印度中小企业和非中小企业公司在金融债务选择方面的差异。作为中小型企业，公司享有非中小型企业所没有的特殊补助金和一揽子计划，而且中小型企业通常不想放弃中小型企业的地位。这带来了市场参与者之间的信息不对称和代理问题，并可能导致企业债务选择的差异。我们发现现有的中小企业使用更多的无担保债务，新增加的中小企业使用更多的长期债务和担保债务，反映了公司特定的增长机会。这表明由于参与者之间的利益冲突，在不同政策环境下经营的中小企业的资本结构决策存在差异。