Karaivanov Alexander, Saurina Jesús, Townsend Robert M
Simon Fraser University.
Bank of Spain.
Int Econ Rev (Philadelphia). 2019 May;60(2):547-593. doi: 10.1111/iere.12362. Epub 2018 Oct 1.
We examine the effect of financial constraints on firm investment and cash flow. We combine data from the Spanish Mercantile Registry and the Bank of Spain Credit Registry to classify firms according to whether they are family-owned, not family-owned, or belong to a family-linked network of firms and according to their number of banking relations (with none, one, or several banks). Our empirical strategy is structural, based on a dynamic model solved numerically to generate the joint distribution of firm capital (size), investment and cash flow, both in cross-sections and in panel data. We consider three alternative financial settings: saving only, borrowing and lending, and moral hazard constrained state-contingent credit. We estimate each setting via maximum likelihood and compare across these financial regimes. Based on the estimated financial regime, we show that family firms, especially those belonging to networks based on ownership, are associated with a more flexible market or contract environment and are less financially constrained than non-family firms. This result survives stratifications of family and non-family firms by bank status, region, industry and time period. Family firms are better able to allocate funds and smooth investment across states of the world and over time, arguably done informally or using the cash flow generated at the level of the network. We also validate our structural approach by demonstrating that it performs well in traditional categories, by stratifying firms by size and age and find that smaller and younger firms are more constrained than larger and older firms.
我们研究了财务约束对企业投资和现金流的影响。我们将来自西班牙商业登记处和西班牙银行信贷登记处的数据相结合，根据企业是否为家族所有、非家族所有或属于家族关联企业网络，以及它们的银行关系数量（与零家、一家或多家银行）对企业进行分类。我们的实证策略是结构性的，基于一个通过数值求解的动态模型，以生成企业资本（规模）、投资和现金流在横截面数据和面板数据中的联合分布。我们考虑三种替代金融环境：仅储蓄、借贷以及道德风险约束下的或有信贷。我们通过最大似然估计每种环境，并在这些金融制度之间进行比较。基于估计出的金融制度，我们表明家族企业，尤其是那些属于基于所有权的网络的企业，与更灵活的市场或合同环境相关联，并且比非家族企业面临的财务约束更少。这一结果在按银行地位、地区、行业和时间段对家族企业和非家族企业进行分层时依然成立。家族企业能够更好地在不同状态和不同时间分配资金并平滑投资，可以说是通过非正式方式或利用网络层面产生的现金流来做到这一点。我们还通过证明我们的结构性方法在传统分类中表现良好来验证该方法，即按规模和年龄对企业进行分层，发现规模较小和较年轻的企业比规模较大和较老的企业受到的约束更大。
