Can Government Intervention Make Firms More Investment Ready? A Randomized Experiment in the Western Balkans
通过五国随机实验，检验投资准备项目对企业融资能力的影响，发现项目提升了投资准备评分，但对实际融资的长期效果有限，仅对小型和低融资概率企业有显著作用。
Abstract Innovative firms with good ideas may still struggle to fine-tune them to the stage where they can attract outside funding. We conduct a five-country randomized experiment that tests the impact of an investment readiness program. Firms then pitched their ideas to independent judges. The program resulted in a 0.3 standard deviation increase in the investment readiness score. Two years later, the average impacts on firm investment outcomes are positive but small in magnitude and not statistically significant. Larger and statistically significant impacts on receiving outside funding occur for smaller firms and for firms with lower likelihoods of otherwise being funded.