定向贷款项目的扩张会伤害小企业吗?来自印度政策变化的证据

Deeksha Kale
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引用次数: 1

摘要

我研究了旨在增加印度小企业机构信贷渠道的国家级定向贷款项目扩张的影响。2006年,印度政府改变了确定小企业地位的标准,从而扩大了有资格获得定向信贷的小企业的数量。利用有资格获得定向贷款的公司池的这种扩张,我分析了最近有资格的公司对以前有资格的公司的挤出。我发现,相对于以前符合条件的公司,最近符合条件的公司不成比例地增加了它们的银行信贷存量,而没有用其他形式的信贷代替银行贷款。最近符合条件的公司在政策变化后也经历了投资和销售增长的飞跃,而以前符合条件的小公司的实际结果没有类似的改善。这项研究揭示了政策扩张的意想不到的影响,通过扭曲机构贷款机构的贷款动机,伤害了规模较小、财务上更脆弱的公司。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Could Expansions in Directed Lending Programs Hurt Small Businesses? Evidence from a Policy Change in India
I study the impact of the expansion in a national-level directed lending program aimed at increasing institutional credit access of small firms in India. In 2006, the Government of India changed the criterion determining the small status of firms, thereby expanding the pool of small firms eligible for directed credit. Exploiting this expansion in the pool of firms eligible for directed lending, I analyze the crowding out of the previously eligible firms by the recently eligible firms. I find that the recently eligible firms disproportionately grew their bank credit stock relative to previously eligible firms, without substituting other forms of credit for bank loans. The recently eligible firms also experience a jump in investment and sales growth post the policy change, while there is no evidence of a similar improvement in the real outcomes for the previously eligible small firms. The study brings to light the unintended effects of policy expansions, resulting in hurting the smaller, more financially vulnerable firms, by distorting the lending incentives of institutional lenders.
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