Financing small and innovative firms during COVID-19
Financing small and innovative firms during COVID-19
复制标题
DOI：
10.1080/10438599.2023.2297255
复制
发表时间：
2023-12
影响因子：
3.3
通讯作者：
Marc Cowling;Weixi Liu;Yujia Chen;Raffaella Calabrese;Tim Vorley
中科院分区：
文献类型：
--
作者：
Marc Cowling;Weixi Liu;Yujia Chen;Raffaella Calabrese;Tim Vorley
以前关于小型创新企业融资的研究已经确定，规模较小会在获得融资方面产生问题，但规模小和创新又增加了另一层困难。这项新研究明确质疑，新冠肺炎危机是否加剧了本已处于不利地位的企业群体的债务获取问题。我们使用一个独特的Covid-19期间9000家英国中小企业的数据集，发现最具创新力的公司在Covid-19危机期间对贷款的需求最高，并证明那些试图推出新产品和服务的公司面临更严重的借贷限制。由于英国绝大多数新型冠状病毒贷款都是政府担保的，我们还发现，几类创新企业更难获得政府支持的贷款。另外，受危机影响最严重的国家尽管更需要流动资金，但却享有获得政府贷款计划的最大特权。这些发现对后新冠肺炎时代的创新企业融资具有潜在影响，例如提出一项高于传统担保利率的特定创新贷款担保计划。
Previous research on the financing of smaller innovative firms has established that being smallper secreates problems in accessing finance, but being small and innovative adds another layer of difficulty. This new research explicitly questions whether the Covid-19 crisis has added to the debt access problems of an already disadvantaged group of firms. Using a unique Covid-19 period dataset of 9000 UK SMEs, we find that the most innovative firms had the highest demand for loans during the Covid-19 crisis and evidence that those firms trying to introduce new products and services faced more severe borrowing constraints. As the vast majority of Covid-19 loans in the UK were government guaranteed, we also find that several classes of innovative firms found it more difficult to access government supported loans. It was alsonotthe case that those most impacted by the crisis had the most privileged access to government loan schemes despite a greater need for liquidity. These findings have potential implications for financing innovative firms in the post-Covid-19 world, such as proposing a specific innovation loan guarantee scheme with higher than conventional guarantee rates.