Credit constraints and productivity of SMEs: Evidence from Canada
Credit constraints and productivity of SMEs: Evidence from Canada
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DOI：
10.1016/j.econmod.2019.09.018
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发表时间：
2020-06-01
影响因子：
4.7
通讯作者：
Leung, Danny
中科院分区：
文献类型：
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作者：
Cao, Shutao;Leung, Danny
企业在多大程度上受到外部信贷的约束，在常用的企业层面数据中通常无法观察到。我们使用的加拿大中小企业融资的调查，以衡量一个公司受到信贷约束的可能性。我们发现，公司规模，目前的债务与资产比率和现金流是强大的财务约束的指标，而长期的债务与资产比率是不是一个显着的信贷约束指标。然后，我们估计企业层面的全要素生产率，考虑到衡量的信贷约束。忽略信贷约束会导致生产率估计值上升4%。此外，我们没有发现强有力的证据表明信贷约束会导致生产率增长放缓。最后，我们确认，投资和就业增长的负面影响所衡量的信贷约束。
To what extent firms are constrained by external credit is usually unobserved in commonly used firm-level data. We use a survey of financing among Canadian small and medium-sized enterprises to measure the likelihood of a firm being constrained by credit We find that firm size, current debt-to-asset ratio and cash flow are robust indicators of being financially constrained, while long-term debt to asset ratio is not a significant indicator of credit constraints. We then estimate the firm-level total factor productivity, taking into account the measured credit constraints. Omitting credit constraints leads to an upward bias of productivity estimates, by 4 percent In addition, we find no strong evidence that suggests credit constraints lead to slower productivity growth. Finally, we confirm that both investment and employment growth are negatively affected by the measured credit constraints.