Finance and Misallocation: Evidence from Plant-Level Data

• 成果类型: Article
• 署名作者: Midrigan, Virgiliu; Xu, Daniel Yi
• 署名单位: New York University; National Bureau of Economic Research; Duke University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.104.2.422
• 发表日期: 2014
• 页码: 422-458
• 关键词: dynamics; MODEL

摘要

We use producer-level data to evaluate the role of financial frictions in determining total factor productivity (TFP). We study a model of establishment dynamics in which financial frictions reduce TFP through two channels. First, finance frictions distort entry and technology adoption decisions. Second, finance frictions generate dispersion in the returns to capital across existing producers and thus productivity losses from misallocation. Parameterizations of our model consistent with the data imply fairly small losses from misallocation, but potentially sizable losses from inefficiently low levels of entry and technology adoption. (JEL E32, E44, F41, G32, L60, O33, O47)