Aid Projects and Firm Performance
研究中国和世界银行的次国家级发展援助项目对企业绩效的影响，发现中国援助通过缓解融资约束促进企业销售增长，但对矿业部门有挤出效应。
This paper evaluates the effects of subnational development aid projects from China and the World Bank on firm performance and considers the role of supply-side constraints of the firms as channels of transmission. We find that Chinese official development assistance (ODA) projects increase firm sales: a 1% increase in Chinese ODA commitments increases firm sales growth by 3%. Moreover, we find some evidence that Chinese ODA intervention crowds out local firms operating in the mineral sector, which is one of the most financed by China. We show that the positive effect of Chinese aid is stronger for firms lacking access to finance, suggesting that Chinese aid may improve firm performance by releasing a firm’s financing constraints. Finally, we find no causal effects between World Bank projects and firm performance.