Fu Jonathan, Krauss Annette
Department of Banking and Finance, University of Zurich, Plattenstrasse 32, 8032 Zurich, Switzerland.
Small Bus Econ (Dordr). 2024;63(1):51-103. doi: 10.1007/s11187-023-00804-z. Epub 2023 Aug 16.
We study how the quality of local business environments helps explain growth outcomes of micro- and small enterprise microfinance clients by drawing on long-term nationwide administrative data and a policy shock in Cambodia. The staggered launch of special economic zones, which we link to positive shocks to the business environment on both the demand and supply side, leads to significantly increased employment in micro- and small enterprises (MSEs) located in these special economic zones (SEZs), compared to enterprises in contextually similar districts that are unexposed to an SEZ. Key channels explaining the improved growth outcomes include expanded access to external markets for the enterprises' goods and services, more dynamic labor environments, and improved credit terms and conditions. To broaden the relevance of our findings, we combine data from prominent empirical studies on microfinance and demonstrate how related business conditions identified in the enterprise growth literature help explain differences in client business outcomes found in their results. Policy implications are that a smaller but influential segment of microfinance borrowers significantly benefit from opportunities provided by improved local business environments and that governments and lenders can play active roles in facilitating the necessary improvements for such MSEs.
我们利用柬埔寨长期的全国行政数据和一项政策冲击，研究当地商业环境的质量如何有助于解释微型和小型企业小额信贷客户的增长结果。我们将经济特区的交错设立与供需双方商业环境的积极冲击联系起来，结果表明，与未受经济特区影响的背景相似地区的企业相比，位于这些经济特区的微型和小型企业（MSEs）的就业显著增加。解释增长结果改善的关键渠道包括企业商品和服务进入外部市场的机会增加、劳动力环境更具活力以及信贷条款和条件得到改善。为了扩大我们研究结果的相关性，我们结合了小额信贷领域著名实证研究的数据，并展示了企业增长文献中确定的相关商业条件如何有助于解释其研究结果中客户商业结果的差异。政策层面的启示是，规模较小但有影响力的一部分小额信贷借款人能从当地商业环境改善所带来的机会中显著受益，并且政府和贷款机构可以在推动此类微型和小型企业所需的改善方面发挥积极作用。
