Incomplete capital markets and credit constraints for small and medium-sized enterprises (SMEs) are often considered obstacles to economic growth, thus motivating government interventions in capital markets. While such policies are common, it is less clear to what extent these interventions result in firm growth or to which firms interventions should be targeted. Using a unique dataset with information about state bank loans targeting credit-constrained SMEs in Sweden with and without complementary private bank loans, this paper contributes to the literature by studying how these loans affect the targeted firms for several outcome variables. The results suggest that the loans create a one-off increase in investments, with long-term, positive effects for sales and labor productivity but only for firms with 10 or fewer employees. Increased access to capital by firms can therefore produce increases in economic output but only in a specific type of firm. This insight is of key importance in designing policy if the aim is to increase economic growth.

中文翻译：

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转到（公共）银行：公共银行对私人公司的贷款效率

资本市场的不完善和中小企业的信贷约束通常被认为是经济增长的障碍，因此刺激了政府对资本市场的干预。尽管这种政策很普遍，但不清楚这些干预措施在多大程度上导致了公司的成长，或者应该针对哪些公司的干预措施。本文使用一个独特的数据集，该数据集包含有针对瑞典信贷受限的中小企业的国有银行贷款的信息，无论有无私人银行贷款，该研究都通过研究这些贷款如何影响目标企业的几个结果变量为文献做出了贡献。结果表明，贷款创造了一次性的投资增长，对销售和劳动生产率产生了长期的积极影响，但仅对雇员人数少于10人的公司有效。因此，企业增加获得资本的渠道可以带来经济产出的增加，但只能在特定类型的企业中产生。如果目标是增加经济增长，那么这种见解对于设计政策至关重要。