Credit Constraints: Their Existence, Determinants, and Implications for U.S. Farm and Nonfarm Sole Proprietorships
研究信贷约束对农场和非农场独资企业生产的影响，使用倾向得分匹配法估计被拒贷对产值的因果效应，发现受约束企业产值显著降低，但全国加总影响仅占农场总产值的3%和非农场的13%。
Abstract The objective of this study is to determine the effect of credit constraints on production for farm and nonfarm sole proprietorships. A propensity score‐matching estimator is employed to provide unbiased estimates of the production impacts of being denied credit. The empirical results demonstrate that the value of production is significantly lower for credit‐constrained sole proprietorships. If this drop in the value of production is aggregated to a national level, it constitutes only 3% and 13% of total value of production for farm and nonfarm sole proprietorships, respectively.