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Public subsidies and new ventures' use of bank loans

机译：公共补贴和新企业对银行贷款的使用

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Access to financial resources is crucial for young firms to strive. To foster innovation and growth in these firms, governments address financing constraints by initiating public support programs. For such financial support to be effective, it is, however, important that firms are able to augment publicly provided resources with additional means. This study examines the relationship between new ventures' subsidy receipt and long-term bank loans. Studying new ventures founded between 2005 and 2009 in Germany, we test whether the subsidy itself facilitates use to bank financing. Applying econometric techniques that account for the endogenous nature of a subsidy receipt, we find that subsidized young firms are more likely to use bank loans and to have obtained a larger share of their financing mix from banks. We further show that this effect is stronger in highly information-opaque sectors. These results suggest that the effect may be attributed to an information value carried by the grant that is relevant to banks' loan assessment procedures, especially when new venture value is difficult to judge.
机译：获得财务资源对于年轻企业的奋斗至关重要。为了促进这些公司的创新和增长，政府通过启动公共支持计划来解决融资困难。为了使这种财政支持有效，重要的是，公司必须能够通过其他手段来增加公开提供的资源。这项研究考察了新企业的补贴收入与长期银行贷款之间的关系。通过研究2005年至2009年在德国成立的新企业，我们测试了补贴本身是否有助于银行融资。应用计量经济学的方法来解释补贴收据的内生性，我们发现，有补贴的年轻公司更有可能使用银行贷款，并从银行获得更大份额的融资组合。我们进一步表明，在高度信息不透明的部门中，这种影响更为明显。这些结果表明，这种影响可能归因于与银行的贷款评估程序有关的赠款所携带的信息价值，尤其是当新的风险价值难以判断时。

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