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Access to financing and firm growth

机译：获得融资和企业成长的途径

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Why do some firms grow faster than others? Although various observed and unobserved aspects of firms have been suggested as potential drivers of firm heterogeneity, economists disagree sharply on the role of financial structure in influencing firm growth. In this paper, I use a sample of quoted and unquoted firms to show that the effect of financial structure on firm growth is statistically significant and quantitatively important. In the presence of external financing constraints, firms rely more on internal funds to finance growth, but the effect of internal financing on firm growth decreases with an increase in the firm's access to an external bank credit facility. As the external financing constraint is alleviated, the firm relies less on internal funds and switches to external financing as the primary source of financing for its growth. This pattern of transition between internal and external financing is particularly pronounced in small unquoted firms (conditional on their survival). These results suggest a real effect of financial structure on growth via the channel of an external financing constraint.
机译：为什么有些公司的成长速度快于其他公司？尽管已经提出了各种观察到和未观察到的公司方面的问题可能是公司异质性的潜在驱动力，但经济学家对金融结构在影响公司成长中的作用持严重分歧。在本文中，我使用了报价公司和未报价公司的样本，以表明财务结构对公司增长的影响在统计上和数量上都很重要。在存在外部融资约束的情况下，公司更多地依赖内部资金来为增长提供资金，但是随着公司获得外部银行信贷便利的机会增加，内部融资对公司增长的影响也会降低。随着外部融资约束的缓解，公司减少了对内部资金的依赖，转而使用外部融资作为其增长的主要融资来源。内部和外部融资之间的这种过渡模式在小型无报价公司中尤为明显（取决于其生存能力）。这些结果表明，财务结构通过外部融资约束的渠道对增长产生了实际影响。

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