Does Financing Spur Small Business Productivity? Evidence from a Natural Experiment
Does Financing Spur Small Business Productivity? Evidence from a Natural Experiment
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DOI：
10.1093/rfs/hhu087
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发表时间：
2015-06-01
影响因子：
8.2
通讯作者：
Puri, Manju
中科院分区：
文献类型：
--
作者：
Krishnan, Karthik;Nandy, Debarshi K.;Puri, Manju
我们分析如何增加获得融资的影响企业的全要素生产率（TFP），利用自然实验后，州际银行放松管制，增加获得银行融资。我们发现，企业的TFP增加后，他们的国家实施这些放松管制。使用一个回归不连续的方法的基础上，小企业管理局的资助资格标准，我们表明，全要素生产率的增长后放松管制显着更大的财务约束的公司。我们的研究结果表明，更多的融资渠道允许财务拮据的公司投资于生产性项目，否则可能不会采取。
We analyze how increased access to financing affects firm total factor productivity (TFP) by exploiting a natural experiment following interstate banking deregulations that increased access to bank financing. We find that firms' TFP increases after their states implement these deregulations. Using a regression discontinuity approach based on the Small Business Administration's funding eligibility criteria, we show that TFP increases following the deregulations are significantly greater for financially constrained firms. Our results suggest that greater access to financing allows financially constrained firms to invest in productive projects that may otherwise not be taken up.