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Understanding how constraints on access to finance and under-investment impact on productivity growth in smaller firms

了解融资渠道限制和投资不足如何影响小型企业的生产率增长

基本信息

批准号：
ES/W010259/2
负责人：
Marc Cowling
金额：
$ 204.81万
依托单位：
Oxford Brookes University
依托单位国家：
英国
项目类别：
Research Grant
财政年份：
2022
资助国家：
英国
起止时间：
2022 至无数据
项目状态：
未结题

来源：
https://gtr.ukri.org/projects?ref=ES%2FW010259%2F2
关键词：
Understanding how constraints access finance

项目摘要

The UK has suffered from problems of under-investment and low productivity growth for a long time. This lack of investment and growth constraints how much money people are paid, how much money can be raised in taxes to pay for public services and the overall wealth of the UK population. The UK has experienced a large increase in the number of small firms in the economy over the last fifty years. As a result, around 60% of the working population rely on the small business sector for their jobs, incomes and well-being. A big concern, that has been around since the 1930s is that small firms may struggle to access loans from banks and investment from investors. For many reasons, there is a significant gap in our current knowledge about the contribution of smaller firms to the overall performance of the UK economy and specifically how their ability to access finance influences how they contribute to productivity. To fully understand how the 6 million small firms in the UK contribute to economic growth, this project helps researchers to understand more about small firms that are owned and managed by entrepreneurs. It explores how these entrepreneurs have personal preferences and talents that shape how their firms operate and explore potential opportunities for new investment that might lead to productivity-enhancing growth. When small firms have opportunities to invest, it then faces choices about how to fund these new investments. Many small firms have a strong dislike for external finance and choose to limit their investments to ones they can fund from their own resources. Others seek external debt, often bank loans, but are refused. Others get bank loans, but only get a fraction of the amount they requested. All of these scenarios potentially lead to an under-investment in productivity enhancing growth.This research project traces out the whole process from the small, entrepreneurial firm, to their investment opportunities and funding choices, and then examine how, when and where this process can lead to productivity growth. The project explore the chain of events in great detail and cover the full range of investment opportunities and potential sources of finance. This includes looking at bank debt, government guaranteed loans, "Peer-2-Peer" lending, Alternative Lenders, FinTech, right through to more sophisticated equity finance. This broad overview allows the project to establish, at each step in the causal chain of events, what types of firm face the greatest barriers to progression onto the next stage which ultimately end up with new investment and productivity growth. Specific points of focus within this chain of events will be on the identification of differences by (a) regions and place, (b) firms of different sizes, (c) firm of different ages, (d) differences by industry, and (e) patterns of innovation. The project builds a nuanced picture of the problems that small firms face accessing investment capital and increasing their productivity that will give policy-makers and businesses themselves the evidence to support a mutually beneficial and co-ordinated response to address these problems that may ultimately benefit the 6 million UK small business owners and their 16.8 million employees and their families.

长期以来，英国一直面临投资不足和生产率增长低下的问题。这种投资和增长的缺乏限制了人们得到多少钱，可以从税收中筹集多少钱来支付公共服务和英国人口的整体财富。在过去的50年里，英国经济中的小企业数量大幅增加。因此，大约60%的劳动人口依靠小企业部门获得工作、收入和福祉。自上世纪30年代以来，人们一直担心的一个大问题是，小企业可能很难从银行获得贷款，也很难从投资者那里获得投资。由于许多原因，我们目前对小企业对英国经济整体表现的贡献，特别是他们获得融资的能力如何影响他们对生产力的贡献的认识存在重大差距。为了充分了解英国600万家小企业如何为经济增长做出贡献，该项目帮助研究人员更多地了解由企业家拥有和管理的小企业。它探讨了这些企业家如何拥有个人偏好和才能，这些偏好和才能决定了他们的公司如何运营，并探索可能导致生产力提高增长的新投资的潜在机会。当小公司有机会投资时，它就面临着如何为这些新投资提供资金的选择。许多小公司非常不喜欢外部融资，并选择将其投资限制在他们可以从自己的资源中筹集资金的项目上。其他人寻求外债，往往是银行贷款，但遭到拒绝。其他人得到了银行贷款，但只得到了他们要求的一小部分。所有这些情况都可能导致生产率增长的投资不足。本研究项目追溯了从小型创业企业到投资机会和资金选择的整个过程，然后研究这个过程如何，何时和何地导致生产率增长。该项目非常详细地探讨了事件链，并涵盖了全方位的投资机会和潜在的资金来源。这包括研究银行债务、政府担保贷款、“对等”贷款、另类贷款机构、金融科技，一直到更复杂的股权融资。这一广泛的概述使项目能够在事件因果链的每一步确定哪些类型的企业在进入下一阶段时面临最大的障碍，最终以新的投资和生产力增长结束。这一系列活动的具体重点将是按（a）区域和地点、（B）不同规模的公司、（c）不同年龄的公司、（d）行业的差异和（e）创新模式确定差异。该项目建立了一个微妙的小企业面临的问题，获得投资资本和提高生产力，这将给决策者和企业本身的证据，以支持一个互利和协调的反应，以解决这些问题，最终可能有利于600万英国小企业主和他们的1680万员工及其家庭。