Indirect Effects of Access to Finance
通过在中国市场实验改变企业获得新贷款的比例，发现融资对获贷企业业绩有正向直接效应，但对有竞争对手的企业产生同等规模的负向间接效应，导致生产者剩余无净增长；但融资提升了商业质量和消费者满意度，降低了价格，带来消费者剩余净增长。
We created experimental variation across markets in China in the share of firms having access to a new loan product. Access to finance had a large positive direct effect on the performance of treated firms but a similar-sized negative indirect effect on that of firms with treated competitors, leading to nondetectable gains in producer surplus. Access to finance had a positive direct effect on business quality and consumer satisfaction and a negative effect on price, which were not offset by indirect effects, implying net gains in consumer surplus. We document other indirect effects and combine effects in a welfare evaluation.