The Role of Regulation and Bank Competition in Small Firm Financing: Evidence from the Community Reinvestment Act
研究了社区再投资法（CRA）这类促进银行信贷可及性的监管如何影响小企业融资，发现CRA资格认定增加了银行对小企业的贷款，并减少了企业延迟支付贸易信贷的行为，尤其在低竞争地区和依赖贸易信贷的行业中效果更显著。
Abstract This paper analyzes how regulation that promotes greater access to bank credit, such as the Community Reinvestment Act (CRA), impacts the financing of small firms. It finds that when areas become CRA‐eligible, the likelihood of bank lending to local small firms increases and firms reduce late trade credit payments, consistent with loans allowing small firms to pay trade credit more promptly and avoid late payment fees. The effect is more profound in low‐ and moderate‐income areas where financial constraints are tighter due to low bank competition. The effect is also larger for small firms that operate in trade credit‐dependent industries.