竞争市场中信息的价值：来自中小企业的证据

中文摘要

我们实证研究了中小企业在获得市场信息渠道后其绩效如何变化。为此，我们评估了一家银行向其中小企业客户推广的一项信息计划的影响。采纳该计划的企业获得了包含其自身客户群及附近企业客户群丰富信息的报告。虽然我们发现采纳与4.5%的营收增长相关，但我们的工具变量结果表明，采纳使营收增加了9%。驱动我们结果的主要机制是，新信息促使采纳企业将目标转向在采纳前服务不足的性别-年龄客户群体。

Abstract

We empirically investigate how the performance of small and medium-sized enterprises (SMEs) changes when gaining access to market information. To do so, we evaluate the impact of an information program diffused by a bank among its SME customers. Adopting firms gained access to reports with rich information about their own clientele and that of nearby establishments. While we find that adoption is associated with a 4.5% revenue increase, our instrumental variable results indicate that adoption increases revenue by 9%. The main mechanism driving our result is that the new information prompted adopting establishments to target gender-age customer groups underserved before adoption.