The Real Effects of Lending Relationships on Innovative Firms and Inventor Mobility

• 成果类型: Article
• 署名作者: Hombert, Johan; Matray, Adrien
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; Center for Economic & Policy Research (CEPR); Princeton University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhw069
• 发表日期: 2017
• 页码: 2413
• 关键词: Banking deregulation; internal migration; industry structure; credit; COMPETITION; KNOWLEDGE; DYNAMICS; reforms

摘要

We study how relationship lending determines the financing of innovation. Exploiting a negative shock to relationships, we show that it reduces the number of innovative firms, especially those that depend more on relationship lending such as small, opaque firms. This credit supply shock leads to reallocation of inventors whereby young and productive inventors leave small firms and move out of geographical areas where lending relationships are hurt. Overall, our results show that credit markets affect both the level of innovation activity and the distribution of innovative human capital across the economy.