Financial Constraints, Firms’ Supply Chains, and Internationalization
利用意大利中小企业样本，研究发现受银行信贷配给影响较大的企业更可能通过参与供应链来缓解流动性短缺，尤其在与大型或国际伙伴建立长期交易关系时效果更显著。
Using a unique sample of small and medium-sized Italian firms, we investigate the effect of financial constraints on firms’ participation in domestic and international supply chains. We find that firms more exposed to bank credit rationing and with weaker relationships with banks are more likely to participate in supply chains to overcome liquidity shortages. This benefit of supply chains is especially strong when firms establish long-term trading relationships and when they forge ties with large and international trading partners. To control for possible endogeneity of firms’ access to credit, we construct instruments capturing exogenous shocks to the structure of the Italian local banking markets.