Credit within the Firm
利用地方信贷市场发展差异和雇主-雇员匹配数据，发现金融欠发达地区的企业提供更低起薪但更快工资增长，通过内部隐性借贷融资，其规模可达银行贷款的30%。
We use variation in the degree of development of local credit markets and matched employer--employee data to assess the role of the firm as an internal credit market. We find that firms operating in less financially developed markets offer lower entry wages but faster wage growth than firms in more financially developed markets. This helps firms finance their operations by implicitly raising funds from workers. We control for local market fixed effects and only exploit time variation in the degree of local financial development induced by an exogenous liberalization, so that the effect we find is unlikely to reflect unobserved local factors that systematically affect wage--tenure profiles. We estimate that the amount of credit generated by implicit lending within the firm is economically important and can be as large as 30 percent of the bank lending. Consistent with credit market imperfections opening up trade opportunities within the firm, we find that the internal rate of return of implicit loans lies between the rate at which workers savings are remunerated in the market and the rate that firms pay on their loans from banks. Copyright , Oxford University Press.