Got Rejected? Real Effects of Not Getting a Loan

• 成果类型: Article
• 署名作者: Berg, Tobias
• 署名单位: Frankfurt School Finance & Management
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhy038
• 发表日期: 2018
• 页码: 4912
• 关键词: firm-level evidence; monetary-policy; cash; constraints; INVESTMENT; BEHAVIOR; debt; FLOW

摘要

Using a lender cutoff rule that generates plausibly exogenous variation in credit supply, I investigate a new channel through which funding shocks are transmitted to the real economy. Based on a sample of more than 15,000 loan applications from small-and medium-sized enterprises, I find that precautionary savings motives can aggravate real effects: low-liquidity firms whose loan applications were rejected increase cash holdings and cut noncash assets in excess of the requested loan amount. These results point to the amplifying effect of precautionary savings motives in the transmission of credit supply shocks.