Finance and Misallocation: Evidence from Plant-Level Data
利用企业层面数据评估金融摩擦对全要素生产率的影响，发现金融摩擦通过扭曲进入和技术采用决策以及造成资本回报率分散两个渠道降低生产率，其中错配损失较小，但进入和技术采用不足的损失可能较大。
We use producer-level data to evaluate the role of financial frictions in determining total factor productivity (TFP). We study a model of establishment dynamics in which financial frictions reduce TFP through two channels. First, finance frictions distort entry and technology adoption decisions. Second, finance frictions generate dispersion in the returns to capital across existing producers and thus productivity losses from misallocation. Parameterizations of our model consistent with the data imply fairly small losses from misallocation, but potentially sizable losses from inefficiently low levels of entry and technology adoption.