Our aim is to analyze the effect of public subsidies on the development path of Italian small and medium enterprises (SMEs). Public subsidies to SMEs have been often used with the aim of favoring economic growth in less developed regions. The main theoretical arguments justifying this intervention are related to the idea that public subsidies can solve lack-of-capital problems deriving from asymmetric information. According to Stiglitz and Weiss (1981), public subsidies to rationed firms can reduce the informational gap, leading subsidized firms to reduce their financial constraints and to increase their investment levels. Results obtained modelling leverage, performance and investment behaviour in a panel of around 1,900 enterprises over the years 1989 to 1994 seem to confirm the working hypotheses. However, they can not be considered as conclusive and further research is needed in this context.
展开▼
机译：我们的目的是分析公共补贴对意大利中小企业发展道路的影响。经常使用对中小企业的公共补贴来促进欠发达地区的经济增长。证明这种干预合理性的主要理论论点与以下观点有关：公共补贴可以解决由于信息不对称而引起的资金短缺问题。根据斯蒂格利茨和韦斯（Stiglitz and Weiss，1981）的研究，对配给配额的公司的公共补贴可以减少信息鸿沟，从而使受补贴的公司减少财务约束并提高投资水平。在1989年至1994年期间，由大约1,900家企业组成的小组中，获得的建模杠杆，绩效和投资行为的结果似乎证实了这一假设。但是，它们不能被认为是结论性的，在这种情况下需要进一步的研究。
展开▼
