ABSTRACT This paper studies the mechanism of financial intermediaries' information production and its impact on industry-level growth, especially its difference between industries that differ in the technological composition of small firms. We build a growth model in which (i) both loan contracts and production of information on borrowing firms' productivities are endogenously determined, and (ii) the smaller firm's productivity is more costly to assess. Analytic results show that the smaller firm's innately greater degree of informational opaqueness hinders its growth, especially in the early stage of a country's financial development. We provide some evidence supporting the key mechanism.

中文翻译：

---

金融中介、成本高昂的信息生产和小行业增长

摘要 本文研究了金融中介信息生产的机制及其对行业水平增长的影响，尤其是小企业技术构成不同的行业之间的差异。我们建立了一个增长模型，其中（i）贷款合同和借款公司生产力信息的产生都是内生决定的，（ii）较小公司的生产力评估成本更高。分析结果表明，小企业固有的更大程度的信息不透明阻碍了其增长，尤其是在一国金融发展的早期阶段。我们提供了一些支持关键机制的证据。