The Real Effects of Lending Relationships on Innovative Firms and Inventor Mobility
利用贷款关系受到的负面冲击，研究发现关系贷款减少会降低创新企业数量，尤其影响小型、不透明的企业，并导致年轻、高产的发明者从小企业流向其他地区，表明信贷市场影响创新活动和人力资本分布。
We study how relationship lending determines the financing of innovation. Exploiting a negative shock to relationships, we show that it reduces the number of innovative firms, especially those that depend more on relationship lending such as small, opaque firms. This credit supply shock leads to reallocation of inventors whereby young and productive inventors leave small firms and move out of geographical areas where lending relationships are hurt. Overall, our results show that credit markets affect both the level of innovation activity and the distribution of innovative human capital across the economy.Received April 11, 2013; editorial decision May 25, 2016 by Editor Andrew Karolyi.