中文摘要
我们在中国各市场之间就获得一款新贷款产品的企业占比创造了实验性变异。融资可得性对受处理企业的绩效产生了较大的正向直接效应，但对有受处理竞争对手的企业绩效产生了规模相近的负向间接效应，导致生产者剩余的增加不可检测。融资可得性对商业质量和消费者满意度产生了正向直接效应，对价格产生了负向效应，这些效应未被间接效应抵消，意味着消费者剩余的净增加。我们记录了其他间接效应，并在福利评估中合并了各项效应。(JEL D22, G21, G32, L81, O16, P31, P34)
Abstract
We created experimental variation across markets in China in the share of firms having access to a new loan product. Access to finance had a large positive direct effect on the performance of treated firms but a similar-sized negative indirect effect on that of firms with treated competitors, leading to nondetectable gains in producer surplus. Access to finance had a positive direct effect on business quality and consumer satisfaction and a negative effect on price, which were not offset by indirect effects, implying net gains in consumer surplus. We document other indirect effects and combine effects in a welfare evaluation. (JEL D22, G21, G32, L81, O16, P31, P34)