Got Rejected? Real Effects of Not Getting a Loan

被引：34

作者：

Berg, Tobias ^{[1
]}

机构：

[1] Frankfurt Sch Finance Management, Adickesallee 32-34, D-60322 Frankfurt, Germany

来源：

REVIEW OF FINANCIAL STUDIES | 2018年 / 31卷 / 12期

关键词：

FIRM-LEVEL EVIDENCE; MONETARY-POLICY; CASH; CONSTRAINTS; INVESTMENT; BEHAVIOR; DEBT; FLOW;

D O I：

10.1093/rfs/hhy038

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a lender cutoff rule that generates plausibly exogenous variation in credit supply, I investigate a new channel through which funding shocks are transmitted to the real economy. Based on a sample of more than 15,000 loan applications from small-and medium-sized enterprises, I find that precautionary savings motives can aggravate real effects: low-liquidity firms whose loan applications were rejected increase cash holdings and cut noncash assets in excess of the requested loan amount. These results point to the amplifying effect of precautionary savings motives in the transmission of credit supply shocks.

引用

页码：4912 / 4957

页数：46

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