Table A4.
Effects of Stabilization Policies.
|
Panel A. Effects of social security policies | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Cash <1 Month |
Reopen |
Reopen <1 Month |
|||||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| Social Security Deferrals | −0.058* | −0.100*** | −0.038 | 0.057* | 0.136** | 0.024 | 0.095*** | 0.057 | 0.106** |
| (0.029) | (0.035) | (0.037) | (0.032) | (0.052) | (0.031) | (0.031) | (0.056) | (0.042) | |
| Sample | All | High Skill | Low Skill | All | High Skill | Low Skill | All | High Skill | Low Skill |
| Observations | 1466 | 487 | 806 | 1861 | 596 | 1037 | 1504 | 462 | 853 |
| R-Squared | 0.018 | 0.044 | 0.013 | 0.038 | 0.094 | 0.016 | 0.074 | 0.092 | 0.055 |
| Panel B. Effects of credit guarantee policies | |||||||||
| Cash <1 Month | Reopen | Reopen <1 Month | |||||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| Credit Guarantee | 0.015 | −0.021 | 0.020 | 0.018 | 0.038 | 0.003 | 0.036 | 0.093 | 0.024 |
| (0.024) | (0.043) | (0.032) | (0.040) | (0.054) | (0.046) | (0.042) | (0.066) | (0.052) | |
| Sample | All | AR > 0 | AR = 0 | All | AR > 0 | AR = 0 | All | AR > 0 | AR = 0 |
| Observations | 1466 | 484 | 668 | 1861 | 588 | 878 | 1504 | 487 | 706 |
| R-Squared | 0.014 | 0.019 | 0.017 | 0.033 | 0.047 | 0.018 | 0.067 | 0.055 | 0.065 |
| Panel C. Effects of rent reduction policies | |||||||||
| Cash <1 Month | Reopen | Reopen <1 Month | |||||||
| (1) | (2) | (3) | |||||||
| Rent Reductions | −0.135** | 0.017 | −0.024 | ||||||
| (0.052) | (0.076) | (0.064) | |||||||
| Sample | State-property renters | State-property renters | State-property renters | ||||||
| Observations | 255 | 305 | 244 | ||||||
| R-Squared | 0.109 | 0.074 | 0.149 | ||||||
| Panel D. Effects of loan supports | |||||||||
| Cash <1 Month | Reopen | Reopen <1 Month | |||||||
| (1) | (2) | (3) | |||||||
| Loan Supports | −0.039 | −0.022 | 0.017 | ||||||
| (0.029) | (0.037) | (0.036) | |||||||
| Sample | All | All | All | ||||||
| Observations | 1466 | 1861 | 1504 | ||||||
| R-Squared | 0.016 | 0.034 | 0.066 | ||||||
Note: This table reports the estimated effects of stabilization policies on whether SMEs hold less than one month of cash balance, their reopening status by the survey dates, and whether they expect to reopen in one month, if not reopened yet. Columns 1 and 4 report estimates for all sample firms; columns 2, 3, 5, and 6 report estimates for subsamples of firms. All regressions control for SMEs' basic characteristics (sales, employment, age) interacted with year fixed effects and service-sector fixed effects. Robust standard errors are clustered at city level. *** p < 0.01, ** p < 0.05, * p < 0.1.