Finance and Growth at the Firm Level: Evidence from SBA Loans
Finance and Growth at the Firm Level: Evidence from SBA Loans
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DOI：
10.1111/jofi.12492
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发表时间：
2017-06-01
影响因子：
8
通讯作者：
Earle, John S.
中科院分区：
文献类型：
--
作者：
Brown, J. David;Earle, John S.
我们分析所有 SBA 贷款和贷方以及所有美国雇主的链接数据库，以估计金融准入对就业增长的影响。估算利用了 SBA 密集型贷款机构的长面板和当地可用性的变化。结果意味着每提供 100 万美元贷款就会增加 3-3.5 个就业岗位，这表明信贷约束的实际影响。对于较年轻和较大的企业以及当地信贷状况较弱的企业而言，估计影响更大，但我们没有发现周期性变化的明确证据。我们估计每创造一个就业岗位的纳税人成本在 21,000 美元至 25,000 美元之间。
We analyze linked databases on all SBA loans and lenders and on all U.S. employers to estimate the effects of financial access on employment growth. Estimation exploits the long panels and variation in local availability of SBA-intensive lenders. The results imply an increase of 3-3.5 jobs for each million dollars of loans, suggesting real effects of credit constraints. Estimated impacts are stronger for younger and larger firms and when local credit conditions are weak, but we find no clear evidence of cyclical variation. We estimate taxpayer costs per job created in the range of $21,000-$25,000.