This study makes use of rich firm‐level and linked firm‐employee datasets that span the 2009–2015 period in Vietnam to examine how SMEs' credit constraints affect their strategic employment decisions and employees' labour outcomes. Our results show that constrained SMEs enlarge total employment by employing relatively more temporary workers and paying their employees relatively lower wages than unconstrained borrowing firms. Meanwhile, discouraged firms, mostly informal businesses, do not behave differently from unconstrained counterparts. In order to maintain a stable employment portfolio, discouraged firms are relatively more willing to reward their employees with an overtime payment.

中文翻译：

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信贷约束如何影响中小企业的战略性就业决策和员工的劳动成果：越南的证据1

这项研究利用了跨越越南2009-2015年期间的丰富的企业级和关联的企业员工数据集，研究了中小企业的信贷约束如何影响其战略性就业决策和员工的劳动成果。我们的结果表明，与不受约束的借款公司相比，受约束的中小企业通过雇用相对更多的临时工并向其雇员支付相对较低的工资来扩大总就业。同时，灰心丧气的公司（大多数是非正式企业）的行为与不受约束的同行的行为没有什么不同。为了维持稳定的就业组合，灰心丧气的公司相对更愿意以加班费的形式来奖励其雇员。