This paper quantifies the aggregate effects of financing constraints. We start from a standard dynamic investment model with collateral constraints. In contrast to the existing quantitative literature, our estimation does not target the mean leverage ratio to identify the scope of financing frictions. Instead, we use a reduced-form coefficient from the recent corporate finance literature that connects exogenous debt capacity shocks to corporate investment. Relative to a frictionless benchmark, collateral constraints induce losses of 7.1% for output and 1.4% for total factor productivity (TFP) (misallocation). We show these estimated losses tend to be more robust to misspecification than estimates obtained by targeting leverage.

中文翻译：

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量化抵押约束的简化形式证据

本文量化了融资约束的总体影响。我们从带有抵押品约束的标准动态投资模型开始。与现有的定量文献相比，我们的估计并未针对平均杠杆率来确定融资摩擦的范围。相反，我们使用最近公司财务文献中的简化形式系数，将外生债务能力冲击与公司投资联系起来。相对于无摩擦基准，附带约束导致产出损失 7.1%，全要素生产率 (TFP) 损失 1.4%（分配不当）。我们表明，这些估计损失往往比通过目标杠杆获得的估计更能抵抗错误指定。