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The impact of credit constraint on exporting and innovation: Evidence from Ghana and Vietnam.

机译：信贷约束对出口和创新的影响：来自加纳和越南的证据。

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摘要

This work examines the impact of credit constraint on firms' exporting and innovation decisions. On the theoretical front, this chapter contributes by extending the Melitz's (2003) trade model of firms heterogeneous in productivity, which is devoid of financial factors, to include endogenous lending and borrowing decisions. This extension creates a framework upon which theoretical predictions about the impact of credit constraint on firms' exporting and innovation decisions can be made.;I build a trade model that features (1) firms heterogeneous in productivity, liquidity, and collateral and (2) endogenous lending decisions with endogenous loan default and interest rate. Firms finance their fixed costs of exporting through internal financing from retained earnings and borrowing from banks. The model predicts that credit access has a positive impact on firms' export propensity, and that this effect is most pronounced for firms in the intermediate range of productivity. In the empirical application to a panel data set of Ghanaian firms between 1991 and 1997, I look at two types of access to bank credits: access to overdraft facilities and access to bank loans. My empirical estimation suggests that access to overdraft facilities increased firms' export propensity while access to bank loans had an insignificant impact on their export propensity. The effect of access to overdraft is strongest for firms in the intermediate range of productivity.;I also build a theoretical model of innovation for firms heterogeneous in productivity under endogenous lending decisions. In this model, credit constraint arises from the asymmetric information problem, where banks cannot observe a firm's true productivity. The longer time frame and higher risks of innovating result in tighter credit constraints for innovating firms. Thus, the theoretical model predicts a positive relationship between a firm's interest payment per worker and its revenue (profits) per worker. The model also predicts that innovating firms face tighter credit constraint than firms do not innovate, which is shown by a positive, but smaller in magnitude, relationship between innovating firms' interest payment per worker and their revenues (profits) per worker. Empirical evidence from a sample of Vietnamese small and medium enterprises supports these theoretical predictions.
机译：这项工作研究了信贷约束对企业出口和创新决策的影响。在理论上，本章通过扩展梅利兹（Melitz，2003年）的生产效率不均一的公司的贸易模型（其中没有金融因素），将内生借贷和借贷决策包括在内。此扩展创建了一个框架，可以在此框架上对信用约束对企业的出口和创新决策的影响进行理论预测。;我建立了一个贸易模型，该模型具有（1）生产率，流动性和抵押品异质的企业，以及（2）具有内生贷款违约和利率的内生贷款决策。企业通过内部融资从留存收益和向银行借款中为出口的固定成本提供资金。该模型预测，信贷准入会对企业的出口倾向产生积极影响，而这种影响对于处于中等生产率范围内的企业最为明显。在对1991年至1997年间加纳公司的面板数据集进行的经验应用中，我研究了获得银行信贷的两种类型：获得透支额度和获得银行贷款。我的经验估计表明，获得透支贷款会增加公司的出口倾向，而获得银行贷款对其出口倾向的影响却很小。对于处于中等生产率范围内的公司而言，获得透支的影响最强。我还为内生贷款决策下生产率不同的公司建立了创新的理论模型。在这种模型中，信用约束源于信息不对称问题，即银行无法观察到企业的真实生产率。更长的时间框架和更高的创新风险导致创新企业的信贷约束更加严格。因此，理论模型预测了公司每名工人的利息支付与其每名工人的收入（利润）之间存在正相关关系。该模型还预测，创新企业面临的信贷约束要比不创新企业面临的信贷约束更严密，这可以通过创新企业每名工人的利息支付与其每名工人的收入（利润）之间的积极关系来体现，但幅度较小。越南中小企业样本的经验证据支持了这些理论预测。

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  • 作者

    Ngo, Mai Anh.;

  • 作者单位

    The University of North Carolina at Chapel Hill.;

  • 授予单位 The University of North Carolina at Chapel Hill.;
  • 学科 Economics Commerce-Business.;Asian Studies.;African Studies.
  • 学位 Ph.D.
  • 年度 2014
  • 页码 216 p.
  • 总页数 216
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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