Financial constraints and productivity--论文代写范文精选

据估计大约有21%的劳动生产率损失。此外,每个国家将获得一定的平均劳动生产率,扩大中小企业的融资渠道。这篇金融paper代写范文旨在提供新的证据，关于金融变量和生产率之间的联系。

Abstract 
  We study the relation between firms financial structure, access to external finance and labor productivity using a unique dataset of firm-level data for several euro area countries during the period 1995-2011. The empirical strategy is twofold. First we build a synthetic indicator of financial constraints using an a-priori classification based on specific firm characteristics and various measures of financial pressure. Therefore we augment a firm-level production equation with our indicator to estimate the direct impact of access to finance to firm-level productivity. We find negative and significant effects in the majority of countries and industries, with marginal impacts considerably higher in industries that innovate the most, like “Energy, Gas and Water Supply” and “R&D, Communication and Information”. Counter-factual exercises show that, as opposed to Germany and Netherlands, countries like Italy and Portugal are the most affected by financial constraints, with an estimated loss of around 21% of their labor productivity. In addition, each country would gain on average between one and two percent of their labor productivity by expanding the access to finance of small firms to that of the average large firm. 
  Keywords: financial constraints, productivity, SMEs, cross-country, sectoral analysis

 Non Technical Summary 
  This paper aims to provide new evidence on the link between financial variables and productivity. While it is widely documented that firms financing decisions are crucial in determining investment decisions, few studies analyze in detail how the financial position of a firm and the access to external finance determine firm0 performance in terms of value added generated and productivity. Moreover the empirical evidence on the link between financial constraints and labor productivity at microeconomic level is mixed and mostly confined to either single countries or to few specific production sectors. 

  Our paper goes a step further as it takes a multi-country dimension in the investigation of this link by looking at a large sample of enterprises in eight euro area countries (Belgium, Germany, Spain, Finland, France, Italy, Netherlands and Portugal) and for a time span that takes into account the impact of two financial crisis and economic recessions (1995-2011). We contribute to the existing literature by following a twofold empirical strategy. 

  First we developed an indicator of financial constraints at firm level and second we included this indicator to a firm-level production equation to assess the direct impact of access to finance to firm-level productivity. In the first step we construct an indicator of firm-specific financial constraints based on a classification scheme of firms financing conditions, taking into account information derived from balance sheet and profit and loss accounts. We distinguish between absolutely constrained, relatively constrained and unconstrained firms according to different scenarios based on the relation among total investment, financing gap, financial debt, equity issuance and average interest payment on debt compared to the rate charged in the local credit market. 

  Then, we relate this index to specific firm characteristics, which are extensively used in the literature to proxy financial constraints, such as age, size and sector and some additional measures of financial pressure, and using a non-linear estimation, we predict for each firm in our sample the probability of belonging to one of the aforementioned ranking. In the second part of our empirical analysis, we measure the reaction of firm-level productivity to the probability of accessing external finance as measure by our predicted index. Our results show that financial constraints do significantly lower productivity in the majority of sectors across countries and the impact is heterogeneous across sectors. From a cross-country perspective, Italy and Portugal are the most affected by financial constraints, while Germany and Netherlands are the most immune.

 Introduction 
  Do financial constraints affect firm-level labour productivity? In the literature it’s widely accepted that firms financing decisions are crucial in determining investment decisions, and that the existence of frictions in accessing external sources of finance (due for instance to the existence of credit risk or information asymmetries) significantly affects the ability of management of exploiting productive investment opportunities.1 However the empirical evidence on the link between financial constraints and labor productivity at microeconomic level is mixed and mostly confined to either single countries or to few specific production sectors. 

  Part of the literature reports positive and significant estimates for the effect of financial constraints on long-term productivity-enhancing investments and real value added. For instance, Gatti and Love (2008) use data from a cross-section of Bulgarian firms to study whether having larger access to credit lines or to overdraft facilities foster productivity and find credit to be positively and strongly associated with TFP. Butler and Cornaggia (2011) use county-level data of US mid-western states farmers during the period 2000-2006 to study the productivity response of an exogeneous shift in demand for corn in areas with different access to finance and find that production increased the most in those areas with relatively strong access to finance. 

  Chen and Guariglia (2013) exploits a panel of Chinese manufacturing firms over the period 2001-2007 to investigate the link between cash flow and firm-level productivity and find that TFP is strongly constrained by the availability of firms0 internal finance. Levine and Warusawitharana (2014) find a strong positive relationship between debt growth and future productivity growth for a broad set of firms in four European countries. On the other hand, Moreno-Badia and Slootmaekers (2009) use Estonian firm-level data covering the period 1997-2005 and find that a number of proxies for financial constraints do not have any impact on productivity for most sectors. Similarly, Nunes et al. (2007) apply a quantile approach to a panel data of 162 Portuguese firms between 1999 and 2003 and show that leverage tends to negatively af- fect labour productivity in firms with relatively low labour productivity. 

  Using data from the 2007 World Bank Enterprise Survey, Mwangi (2014) report a negative but insignificant effect of access to credit on firm productivity for a sample of micro and small enterprises in Kenya. Within this debate, this paper aims at providing new insights and evidence on the relation between firms financial structure, access to external finance and measures of firm-level productivity. To this extent, we exploit a unique panel of firm-level data, tracking eight euro area countries (Belgium, Germany, Spain, Finland, France, Italy, Netherlands and Portugal) and nine broad economic sectors (Accommodation and Food Service, Construction, Energy, Communication, Manufacturing, Retail trade, Wholesale trade, Transports and Other Business Service) during the period 1995-2011. The sample is derived from the Bureau van Dijk-Amadeus database which collects accounting data of non-financial corporations across Europe. Compared to previous contributions, this paper takes a multi-country dimension as it investigates the role of financial constraints on real value added and productivity looking at a sample of enterprises in several European countries and for a time span that takes into account the impacts of two financial crisis and economic recessions.2(paper代写)

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