This article unveils that government is intertwined with banking through a hitherto underexplored channel—through public procurement. On a comprehensive firm-level dataset that combines public procurement and accounting data, we apply the difference-in-differences method to show that treated firms that secure a public procurement contract can strengthen their bank borrowing terms. Treated firms obtain a greater amount of bank funding and a higher share of long-term funding at lower interest rates compared to the control firms. The impact on bank lending exceeds the positive impact due to higher revenues and suggests a positive non-revenue channel of public procurement.

中文翻译：

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公共采购和银行贷款


本文揭示了政府通过迄今为止尚未充分探索的渠道（公共采购）与银行业交织在一起。在结合了公共采购和会计数据的综合企业级数据集上，我们应用双重差分法来表明，获得公共采购合同的经过处理的企业可以加强其银行借款条件。与对照公司相比，接受治疗的公司以较低的利率获得了更多的银行融资和更高比例的长期融资。对银行贷款的影响超过了收入增加带来的积极影响，并表明公共采购的积极非收入渠道。