文章基本信息

标题：Credit Rationing and the Financial Structure of Italian Small and Medium Enterprises
其他标题：Credit Rationing and the Financial Structure of Italian Small and Medium Enterprises
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作者：Giovanni Trovato ; Marco Alfò
期刊名称：Journal of Applied Economics
印刷版ISSN：1514-0326
电子版ISSN：1667-6726
出版年度：2006
卷号：9
期号：1
页码：167-184
DOI：10.1080/15140326.2006.12040643
摘要：Our aim is to analyze the effect of public subsidies on the development path of Italian small and medium enterprises (SMEs). Public subsidies to SMEs have been often used with the aim of favoring economic growth in less developed regions. The main theoretical arguments justifying this intervention are related to the idea that public subsidies can solve lack-of- capital problems deriving from asymmetric information. According to Stiglitz and Weiss (1981), public subsidies to rationed firms can reduce the informational gap, leading subsidized firms to reduce their financial constraints and to increase their investment levels. Results obtained modelling leverage, performance and investment behaviour in a panel of around 1,900 enterprises over the years 1989 to 1994 seem to confirm the working hypotheses. However, they can not be considered as conclusive and further research is needed in this context.
关键词：C33 ; D21 ; D82