From Firm Productivity Dynamics to Aggregate Efficiency
构建量化框架评估金融约束如何降低企业生产率增长并导致总生产率下降，考虑企业投资创新受融资限制的三种机制。
The author constructs a quantitative \n framework to evaluate how financial constraints can reduce \n productivity growth at the firm level and result in lower \n aggregate productivity. The author considers a model where \n firms are able to invest in innovation in order to increase \n their productivity, or knowledge capital. This investment is \n a costly and uncertain enterprise. As the capacity to obtain \n external funds is diminished, resources allocated to this \n effort will be reduced due to different mechanisms at work. \n First, the return of this investment in the case of success \n may be diminished by the inability to quickly increase \n production capacity if the credit necessary to do so is \n scarce (i.e., if entrepreneurs cannot rent the optimal level \n of physical capital). Second, financial constraints reduce \n profits obtained by entrepreneurs and therefore the amount \n of assets they are able to accumulate in every period. \n Finally, financially underdeveloped economies will be \n characterized by a lower average ability of entrepreneurs. \n This is due to the lower equilibrium wage in the economy, \n which results in a larger mass of individuals opting to set \n up firms. In the margin, these individuals tend to have \n lower ability to manage a firm and relatively low prospects \n of generating firm productivity growth through innovation.