Is It Who You Are or What You Get? Comparing the Impacts of Loans and Grants for Microenterprise Development
American Economic Journal: Applied Economics · 2023 · Bruno Crépon、Mohamed El-Komi、Adam Osman
中文摘要
向企业提供的财务支持类型是否比哪些企业获得支持更重要？贷款与赠款可能导致最优投资水平和道德风险空间的差异。我们将3,293名企业贷款申请者随机分配至获得贷款、现金赠款、实物赠款或不获得任何支持的组别。所有处理均同等程度地提高了收入，但同一处理组内部存在巨大差异，影响集中在分布的顶端。通过贷款取得成功者与通过赠款取得成功者在可观测特征上是等价的，这表明在微型企业发展中，企业主的异质性比所获支持的类型更为重要。（JEL D22, D82, G32, H81, J16, M13, O16）
Abstract
Is the type of financial support provided to businesses more important than which businesses receive it? Loans and grants can lead to differences in optimal investments and in scope for moral hazard. We randomize 3,293 business loan applicants into receiving a loan, cash grant, in-kind grant, or nothing. All treatments equally increase income, yet there are large differences within a treatment group with impacts concentrated at the top of the distribution. Those who succeed with loans are observationally equivalent to those who succeed with grants, showcasing that owner heterogeneity is more important than the type of support received in microenterprise development. (JEL D22, D82, G32, H81, J16, M13, O16)