SUBSIDIES, ADDITIONALITY AND FINANCIAL CONSTRAINTS: A COMRIENT ON WREN*
深入分析Wren(1994)的模型，质疑其关于金融约束企业补贴额外性最大的观点，认为金融约束可能限制杠杆作用，从而削弱补贴效果。
ABSTRACT. This paper comprises a detailed investigation of the properties of the analytical model introduced in Wren (1994) to evaluate the effect of industrial subsidies on firm employment. We deal specifically with the link between additionality and whether the firm is finance constrained, adding a more flexible formulation for the financial constraint than the two given in Wren. We use the model to question Wren's view that additionality will be greatest in financially constrained firms. We argue that financial constraints potentially restrict leverage and therefore in important, relevant circumstances, limit the effectiveness of subsidies.