Is It Who You Are or What You Get? Comparing the Impacts of Loans and Grants for Microenterprise Development
Is It Who You Are or What You Get? Comparing the Impacts of Loans and Grants for Microenterprise Development
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是你是谁还是你得到了什么？
DOI：
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发表时间：
2020
期刊：
影响因子：
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通讯作者：
May
中科院分区：
文献类型：
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作者：
Bruno Crépon;M. E. Komi;Adam Osman;May
我们将3，294名获得批准的贷款申请人随机分为四组，这些申请人要求资金启动或发展业务。申请人要么获得（1）补贴贷款，（2）实物补助，（3）现金补助，或（4）没有支持。我们发现，所有三种类型的资本援助都导致了企业创造（平均增长17.5个百分点）和企业利润（相对于控制增长42%）的增加。实物赠款效果最好，但贷款和现金赠款提供了灵活性，导致工资收入增加。总的来说，三种治疗方法对总收入的影响是相等的。另一方面，治疗组内的收入差异很大。分位数回归显示，在所有三种处理中，影响集中在分布的顶部，在分布的底部没有影响。我们提供的证据表明，个人异质性是一个更大的决定因素的影响比提供的资本支持的形式，展示了目标的进步至少是一样重要的金融产品的设计改变。由于提供赠款的成本比管理补贴贷款的成本高出3-5倍，这些结果表明，低息小额信贷可以成为鼓励创业和解决困扰发展中国家的青年失业问题的一种具有成本效益的解决办法。JEL分类：D22、J23、J24、O 12、C93。
We randomize 3,294 approved loan applicants who requested funds to start or grow a business into four groups. Applicants either receive (1) a subsidized loan, (2) an in-kind grant, (3) a cash grant, or (4) no support. We find that all three types of capital assistance lead to increases in business creation (averaging a 17.5 percentage point increase) and business profits (42% increase relative to control). In-kind grants perform best but, loans and cash grants provide flexibility that leads to an increase in wage earnings. Together the impact on total earned income is equal across the three treatments. On the other hand, there are large differences in income within a treatment group. Quantile regressions show that in all three treatments impacts are concentrated at the top of the distribution, with no impact at the bottom of the distribution. We provide evidence that individual heterogeneity is a larger determinant of impacts than is the form of capital support provided, showcasing that advances in targeting are at least as important as changing the design of financial products. Since the cost of providing a grant is 3-5 times greater than the cost of administering the subsidized loan, these results show that low-interest microcredit can be a cost effective solution to encouraging entrepreneurship and tackling the youth unemployment problems plaguing developing countries. JEL classification: D22, J23, J24, O12, C93.
DOI：
10.1093/qje/qjw025
发表时间：
2016-11
期刊：
The quarterly journal of economics
影响因子：
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作者：
Haushofer J;Shapiro J
通讯作者：
Shapiro J