중동부유럽
연구정보
[경제] Credit constrained firms and government subsidies: evidence from a European Union program
중동부유럽 일반 국외연구자료 연구보고서 - BIS 발간일 : 2021-12-01 등록일 : 2021-12-09 원문링크
Globally, small and medium-sized enterprises (SMEs) have patchy access to finance. Due to the important economic role of these firms, especially as employers, governments subsidise and support SMEs generously. Research has shown that subsidies help SMEs to grow in size. However, it is not well understood if subsidies take effect by making credit more available, or by cutting the cost of funding. Moreover, it is also not obvious if a subsidy-led growth in assets will translate into higher sales, profitability or productivity. On the one hand, if a firm has good investment ideas but cannot obtain financing due to a short credit history (eg young firms) or the lack of collateral (eg small firms), then a subsidy can help it overcome a relevant constraint. On the other hand, if the firm has no worthwhile projects or is poorly managed, the credit constraint may simply reflect these other shortcomings, which subsidies may not help resolve.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
