Exports and Credit Constraints under Incomplete Information: Theory and Evidence from China
研究银行因无法观测企业生产率而导致的信贷约束，发现出口企业因运输时间长而面临更紧的约束，且约束随出口份额、运输时间和生产率分散度增加而加剧。
This paper examines why credit constraints for domestic and exporting firms arise in a setting where banks do not observe firms' productivities. To maintain incentive compatibility, banks lend below the amount that firms need for optimal production. The longer time needed for export shipments induces a tighter credit constraint on exporters than on purely domestic firms. In our application to Chinese firms, we find that the credit constraint is more stringent as a firm's export share grows, as the time to ship for exports is lengthened, and as there is greater dispersion of firms' productivities, reflecting more incomplete information. © 2014 The President and Fellows of Harvard College and the Massachusetts Institute of Technology