Firm growth and financial constraints: evidence from a policy-based loan program

IF 6.5 1区经济学 Q1 BUSINESS

Small Business Economics Pub Date : 2024-12-12 DOI:10.1007/s11187-024-00986-0

Timothy E. Dore, Tetsuji Okazaki, Ken Onishi, Naoki Wakamori

引用次数: 0

Abstract

Credit supply to small businesses may ease financial frictions, helping them grow faster and re-optimize the factor inputs for production, particularly when lumpy and/or long-term investment is required. We study how government loan programs address these two issues by combining the loan-level data with firms’ financial statements. We find that, with additional credit supplied by government, (i) small businesses are able to grow faster than similar firms, (ii) financially constrained firms invest relatively more on capital, and (iii) firms invest in long-term projects. We also find that differences in debt levels are persistent over time, suggesting that private credit supply does not substitute for the government-provided credit.

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企业增长与金融约束：来自政策性贷款项目的证据

向小企业提供信贷可以缓解金融摩擦，帮助它们更快地增长，并重新优化生产要素投入，特别是在需要批量和/或长期投资的情况下。我们通过将贷款水平数据与企业财务报表相结合来研究政府贷款计划如何解决这两个问题。我们发现，在政府提供额外信贷的情况下，(i)小企业能够比同类企业增长得更快，（ii）资金受限的企业在资本上的投资相对更多，（iii）企业投资于长期项目。我们还发现，随着时间的推移，债务水平的差异是持续存在的，这表明私人信贷供应不能替代政府提供的信贷。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Small Business Economics Multiple-

CiteScore

14.10

自引率

9.40%

发文量

124

期刊介绍： Small Business Economics: An Entrepreneurship Journal (SBEJ) publishes original, rigorous theoretical and empirical research addressing all aspects of entrepreneurship and small business economics, with a special emphasis on the economic and societal relevance of research findings for scholars, practitioners and policy makers. SBEJ covers a broad scope of topics, ranging from the core themes of the entrepreneurial process and new venture creation to other topics like self-employment, family firms, small and medium-sized enterprises, innovative start-ups, and entrepreneurial finance. SBEJ welcomes scientific studies at different levels of analysis, including individuals (e.g. entrepreneurs'' characteristics and occupational choice), firms (e.g., firms’ life courses and performance, innovation, and global issues like digitization), macro level (e.g., institutions and public policies within local, regional, national and international contexts), as well as cross-level dynamics. As a leading entrepreneurship journal, SBEJ welcomes cross-disciplinary research. Officially cited as: Small Bus Econ