Who needs credit and who gets credit? Evidence from the surveys of small business finances
Who needs credit and who gets credit? Evidence from the surveys of small business finances
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DOI：
10.1016/j.jfs.2016.04.002
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发表时间：
2016-06-01
影响因子：
5.4
通讯作者：
Sokolyk, Tatyana
中科院分区：
文献类型：
--
作者：
Cole, Rebel;Sokolyk, Tatyana
我们使用小企业财务调查的数据，将小型私营企业根据其信贷需求分为四组。我们的研究结果显示，这四组公司之间存在强烈而显著的差异。与需要信贷的公司相比，报告不需要信贷的公司的资产负债率明显较低，流动性更强，历史更悠久，信贷质量更高，其所有者年龄更大，更可能是白色，信誉更好，银行和非银行关系更少。报告说，他们被劝阻申请信贷的公司大大超过了公司，并在许多方面，如规模，盈利能力，业主年龄和金融服务来源的数量显着不同的公司申请和拒绝信贷。我们的反事实分析表明，大约三分之一的沮丧的借款人如果申请信贷，就会获得信贷。如先前文献中所记载的，被拒绝的借款人与被批准的借款人在许多特征上不同。(C)© 2016 Elsevier B.V.版权所有。
We use data from the Surveys of Small Business Finances to classify small privately held firms into four groups based upon their need for credit. Our results reveal strong and significant differences among each of these four groups of firms. Firms that report no need for credit are significantly less levered, more liquid, older, and of higher credit quality than are firms that report a need for credit, and their owners are older, are more likely to be white, are more creditworthy, and have fewer bank and nonbank relationships. Firms reporting that they were discouraged from applying for credit significantly outnumber and are significantly different from firms that applied for and were denied credit on a number of dimensions such as size, profitability, owner age, and the number of sources of financial services. Our counterfactual analysis indicates that about one in three discouraged borrowers would have received credit had they applied for credit. Denied borrowers differ from approved borrowers across numerous characteristics, as previously documented in the literature. (C) 2016 Elsevier B.V. All rights reserved.