The purpose of this paper is to evaluate the impact of the Romanian START program, which provides public funds for establishing new firms or further developing existing firms. Using data on two waves of firms that were financed, in 2013 and 2014, which we regard as treated firms, and their corresponding firms that did not receive funding, we apply several methods aimed at revealing the impact of the program, such as matching difference-in-difference and time-varying treatment effects. Our findings show that the requirements of the program shaped the performance of the financed firms, which had higher revenues and productivity and a lower debt ratio. The impact on profit is weak, however, as the enterprises were mostly encouraged to extend their activity.

本文的目的是评估罗马尼亚 START 计划的影响，该计划为建立新公司或进一步发展现有公司提供公共资金。使用在 2013 年和 2014 年获得融资的两波公司的数据，我们认为这些公司被视为处理过的公司，以及相应的没有获得资金的公司，我们应用了多种方法来揭示该计划的影响，例如匹配差异- 差异和随时间变化的治疗效果。我们的研究结果表明，该计划的要求影响了融资公司的业绩，这些公司的收入和生产力更高，负债率更低。然而，对利润的影响较弱，因为大多鼓励企业扩大活动。