Finance and Misallocation: Evidence from Plant-Level Data
Finance and Misallocation: Evidence from Plant-Level Data
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DOI：
10.1257/aer.104.2.422
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发表时间：
2014-02-01
影响因子：
10.7
通讯作者：
Xu, Daniel Yi
中科院分区：
文献类型：
--
作者：
Midrigan, Virgiliu;Xu, Daniel Yi
我们使用生产者层面的数据来评估金融摩擦在决定全要素生产率（TFP）方面的作用。本文研究了金融摩擦通过两个渠道降低全要素生产率的企业动态模型。首先，金融摩擦扭曲了进入和技术采用的决定。其次，金融摩擦导致现有生产者的资本回报分散，从而导致生产率因配置不当而下降。与数据一致的模型参数化意味着分配不当造成的损失相当小，但低效率的进入和技术采用水平可能造成相当大的损失。(JEL E32、E44、F41、G32、L60、O33、O47）
We use producer-level data to evaluate the role of financial frictions in determining total factor productivity (TFP). We study a model of establishment dynamics in which financial frictions reduce TFP through two channels. First, finance frictions distort entry and technology adoption decisions. Second, finance frictions generate dispersion in the returns to capital across existing producers and thus productivity losses from misallocation. Parameterizations of our model consistent with the data imply fairly small losses from misallocation, but potentially sizable losses from inefficiently low levels of entry and technology adoption. (JEL E32, E44, F41, G32, L60, O33, O47)