ABSTRACT

We analyse the investment-to-cash flow relationship in Europe using a sample of manufacturing small- and medium-sized enterprises (SME) over the period 2009–2016. We investigate the effect of regional institutional quality on the investment-to-cash flow sensitivity, finding that, although credit constraints remain a serious problem for European SMEs, high-quality regional institutions contribute to mitigate the dependency on internally-generated resources to finance new investments. Improvements in local institutional quality can therefore facilitate SMEs’ access to credit – e.g. through inter-firm trade credit relationships –, but are insufficient to overcome the credit restrictions faced by European SMEs.

摘要

我们使用 2009-2016 年期间的制造业中小企业 (SME) 样本分析了欧洲的投资与现金流的关系。我们调查了区域机构质量对投资现金流敏感性的影响，发现尽管信贷约束仍然是欧洲中小企业面临的一个严重问题，但高质量的区域机构有助于减轻对内部产生的资源的依赖以资助新的投资。因此，地方制度质量的提高可以促进中小企业获得信贷——例如通过公司间的贸易信贷关系——但不足以克服欧洲中小企业面临的信贷限制。