ABSTRACT In this paper, we use novel firm-level survey data on investment expenditure for Irish SMEs to investigate the existence of investment constraints between 2016 and 2018. We model investment as a function of firms’ economic fundamentals and factors affecting firms’ access to finance. We use an empirical version of the traditional fundamental Q model which links investment to the marginal returns to capital. Empirically we deploy a two-stage Heckman model and include measures of financial frictions such as access to collateral, non-bank financing, internal finance and indebtedness. We find evidence that investment is substantially lower than the level suggested by economic fundamentals alone and that a considerable financing gap is evident. On average, we find that investment could be 55% higher than present if financing constraints were completely eliminated.

中文翻译：

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金融摩擦和中小企业投资缺口：爱尔兰的新调查证据

摘要在本文中，我们使用新的公司级爱尔兰中小企业投资支出调查数据来调查2016年至2018年之间投资约束的存在。我们将投资模型化为企业经济基础和影响企业融资渠道的因素。我们使用传统基本Q模型的经验版本，该模型将投资与资本的边际收益相关联。从经验上讲，我们采用了两阶段的Heckman模型，其中包括金融摩擦的度量，例如获取抵押品，非银行融资，内部融资和债务。我们发现有证据表明，投资远远低于仅凭经济基本面所建议的水平，而且明显存在资金缺口。一般，