Using a recursive bivariate probit model and survey data covering the period 2014–2018, the present paper aims to assess which factors in the financial market (supply side) have a higher impact on firms’ likelihood to be financially constrained. The results show that after controlling for potential endogenous bias due to unobservable firm characteristics, being an innovative firm increases the probability of being financially constrained between 21 and 32%. The nature of the innovation strategy also seems to influence the severity of financing constraints. For financially constrained firms, the main factors that limit future financing for growth ambitions are the lack of collateral, bureaucracy, and too high a price. Findings also indicate that measures to facilitate equity investments and making existing public measures easier are the most important factors for future financing while tax incentives only play a minor role.

本文使用递归双变量概率模型和2014-2018年期间的调查数据，旨在评估金融市场（供应方）中哪些因素对企业受到财务约束的可能性的影响更大。结果表明，在控制了由于无法观察到的公司特征引起的潜在内生偏见之后，成为创新型公司会增加被财务约束在21％至32％之间的可能性。创新战略的性质似乎也会影响融资约束的严重性。对于资金拮据的公司而言，限制未来为实现增长雄心而筹集资金的主要因素是缺乏抵押品，官僚主义以及价格过高。