企业获得银行信贷的异质性和国家依赖性
David Aristei1, Gabriele Angori2
1University of Perugia, Perugia, Italy.
概括
小规模和不透明的企业在获得银行信贷方面面临重大障碍. 过去的信贷限制增加了未来的困难,降低了贷款需求,突显了对欧元区企业的阻碍效应.
科学领域:
- 经济学 经济学 经济学
- 金融经济学 金融经济学
- 商业研究 商业研究
背景情况:
- 获得银行信贷对于公司的增长和稳定至关重要.
- 了解信贷配额和贷款需求动态对于经济政策至关重要.
- 之前的研究已经探讨了影响公司融资的因素,但往往缺乏纵向数据或特别关注国家依赖.
研究的目的:
- 调查影响11个欧元区国家的企业获得银行信贷的因素.
- 用企业级纵向数据分析贷款需求和信贷配额概率.
- 检查过去的信贷经验对当前信贷获取和需求的影响.
主要方法:
- 利用了2014-2019年11个欧元区国家的企业级纵向数据.
- 采用计量经济学技术来解释样本选择,未观察到的异质性和国家依赖性.
- 分析了贷款需求和信用配额概率.
主要成果:
- 小规模,信息不透明,信用状况不佳,公共支持较低的企业在获得银行贷款方面面临更大的困难.
- 观察到显著的国有依赖性:以前信用分级的企业更有可能面临未来的约束.
- 之前申请融资的公司显示更容易获得融资,而过去的限制降低了当前需求 (阻碍效应).
结论:
- 公司的特点和过去的信贷经验显著影响了获得银行信贷的机会.
- 国家依赖和阻碍效应是信贷市场的关键因素,影响供需.
- 政策干预可能需要支持脆弱的企业并减轻负面的信贷市场动态.
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