This article investigates the role of market differences and the global financial crisis 2007–2009 (GFC) on the adjustment speed of debt issuance, equity issuance, and debt maturity. The sample of 9731 firm-years from highly regulated Main Market (MAIN) and slightly unregulated Alternative Investment Market (AIM) in the United Kingdom was used. Employing system generalized methods of moments, the findings show that AIM firms have a faster adjustment speed of debt and equity before the GFC than MAIN firms. However, it is vice versa after the GFC because AIM firms face greater problems in accessing finance due to the shrinkage of bank credits during the recession. Besides, MAIN firms have faster adjustments on long-term debt over the time, whereas AIM firms have faster adjustment speed of trade credits. Overall, investors should consider market differences and recessions to take accurate decisions on debt-equity and debt maturity to invest where and when.

JEL Classification: C26, G01, G32

本文研究了市场差异和2007-2009年全球金融危机（GFC）在债务发行，股票发行和债务到期日的调整速度上的作用。使用了来自英国高度管制的主要市场（MAIN）和轻微管制的另类投资市场（AIM）的9731个公司年的样本。研究结果采用系统化的矩量法，发现与AIM公司相比，AIM公司在GFC之前的债务和权益调整速度更快。然而，在全球金融危机之后则相反，因为在经济衰退期间，由于银行信贷的缩减，AIM公司在融资方面面临更大的问题。此外，随着时间的流逝，主要公司的长期债务调整速度更快，而AIM公司的贸易信贷调整速度更快。总体，

JEL分类：C26，G01，G32