Using a panel of more than 156 000 firms surveyed in 140 countries over the 2003–2019 period, this paper addresses the issue of the financial resource curse through a new channel that thus far has not been accounted for in the literature, namely, firms’ access to finance. To do this, our econometric analysis is based on an original approach combining microeconomic level data on firms’ access to finance and macroeconomic level data on countries’ level of natural resource rents, with a focus on energy rents (oil, gas and coal). By doing so, we are able to investigate in a more precise and disaggregated way the mechanisms explaining why resource-based countries are associated with less developed financial systems. Using panel regressions, we find significant and robust evidence that firms operating in countries characterized by a high level of natural resource rents suffer from less access to external financing. Moreover, depending on two important transmission channels, namely, the quality of institutions and the extent of supply constraints, we find heterogeneities in the relationship between firms’ access to finance and countries’ level of natural resource rents. In addition, we show that the countries’ level of natural resource rents has a significant and negative correlation with firms’ access to finance only for firms that do not operate in the natural resource sector. This provides new evidence of the Dutch disease phenomenon, since the lack of firms’ financing can also be an explanation for the atrophy of sectors unrelated to the natural resource sector.

本文利用 2003 年至 2019 年期间对 140 个国家的 156,000 多家公司进行调查的样本，通过迄今为止文献中尚未考虑到的新渠道（即企业的财务资源诅咒）解决了金融资源诅咒问题。获得融资。为此，我们的计量经济分析基于一种原始方法，结合了企业获得融资的微观经济层面数据和国家自然资源租金水平的宏观经济层面数据，重点关注能源租金（石油、天然气和煤炭）。通过这样做，我们能够以更精确和分类的方式调查解释为什么资源型国家与欠发达金融体系相关的机制。使用面板回归，我们发现大量有力的证据表明，在自然资源租金水平较高的国家开展业务的公司获得外部融资的机会较少。此外，根据两个重要的传导渠道，即制度质量和供给约束程度，我们发现企业融资机会与国家自然资源租金水平之间的关系存在异质性。此外，我们还发现，国家的自然资源租金水平与企业获得融资的机会存在显着的负相关关系，只有那些不从事自然资源行业的企业才能获得融资。这为荷兰病现象提供了新的证据，因为缺乏企业融资也可以解释与自然资源部门无关的部门的萎缩。