Expectations of access to debt finance for SMEs in times of uncertainty
研究了英国脱欧公投后，关系型贷款如何影响中小企业对未来获得债务融资的担忧，发现关系型贷款显著降低了融资约束预期，但对产品创新企业无效。
This articles examines small and medium enterprises’ (SMEs) expectations of access to debt finance in times of uncertainty. In particular, we studied whether relationship lending affects British SMEs’ concerns about future access to debt finance after the UK referendum on European Union membership (the so-called Brexit referendum). By using a unique survey, we found that relationship lending significantly reduces SMEs’ expectations of being financially constrained, although the same does not hold for firms engaging in product innovation. Our results are robust after controlling for accounting information disclosure and for the relationship between the expectation of access to debt finance, the prospect of growth, and changes in business strategies.