Abstract

This paper investigates firms’ access to bank credit in eleven euro area countries over the periods 2014–2019. Exploiting firm-level longitudinal data, we analyse loan demand and credit rationing probabilities, accounting for sample selection, unobserved heterogeneity and state dependence. Empirical results show that small and informationally opaque businesses, with deteriorated public support and credit history, face greater difficulties in obtaining bank loans. Furthermore, we provide evidence of a significant degree of state dependence in access to credit. In particular, firms that have already experienced credit restrictions are more likely to face further constraints, while enterprises that applied for bank financing in the past seem to have easier access to credit. Focusing on the subset of firms actually needing additional bank financing, we also find that past credit restrictions significantly reduce their current demand, providing evidence of a significant discouragement effect.

中文翻译：

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企业获得银行信贷的异质性和国家依赖性

摘要

本文调查了 2014 年至 2019 年期间公司在 11 个欧元区国家获得银行信贷的情况。利用公司层面的纵向数据，我们分析了贷款需求和信贷配给概率，考虑了样本选择、未观察到的异质性和状态依赖性。实证结果表明，公众支持和信用记录恶化的小型和信息不透明企业在获得银行贷款方面面临更大的困难。此外，我们提供了证据，证明在获得信贷方面对国家的依赖程度很高。特别是已经经历过信贷限制的企业更有可能面临进一步的限制，而过去申请银行融资的企业似乎更容易获得信贷。专注于实际需要额外银行融资的公司子集，