Heterogeneity and state dependence in firms’ access to bank credit
利用2014-2019年欧元区11国企业面板数据，分析贷款需求和信贷配给概率，发现小型信息不透明企业更难获得贷款，且过去受限的企业更易再次受限，同时存在显著的抑制效应。
This paper investigates firms' access to bank credit in eleven euro area countries over the periods 2014-2019. Exploiting firm-level longitudinal data, we analyse loan demand and credit rationing probabilities, accounting for sample selection, unobserved heterogeneity and state dependence. Empirical results show that small and informationally opaque businesses, with deteriorated public support and credit history, face greater difficulties in obtaining bank loans. Furthermore, we provide evidence of a significant degree of state dependence in access to credit. In particular, firms that have already experienced credit restrictions are more likely to face further constraints, while enterprises that applied for bank financing in the past seem to have easier access to credit. Focusing on the subset of firms actually needing additional bank financing, we also find that past credit restrictions significantly reduce their current demand, providing evidence of a significant discouragement effect. Supplementary Information: The online version contains supplementary material available at 10.1007/s11187-021-00545-x.