Misallocation and Financial Frictions: Some Direct Evidence From the Dispersion in Borrowing Costs

Financial frictions distort the allocation of resources among productive units--all else equal, firms whose financing choices are affected by such frictions face higher borrowing costs than firms with ready access to capital markets. As a result, input choices may differ systematically across firms

金融摩擦（Financial frictions）扭曲了生产单位之间的资源配置——在其他条件相同的情况下，融资选择受此类摩擦影响的企业，其借贷成本高于可随时进入资本市场的企业。因此，企业间的投入选择可能存在系统性差异。