This paper studies the impact of local financial structure on business relocation in the US from 2011 to 2015. It uses several proxies to measure the local financial structure at the county level, such as the average distance to the nearest commercial bank branch from a relocating establishment (operational distance), the average distance between bank branches and their headquarters (functional distance), the bank geographic concentration ratio, the amount of small business loans recorded under the Community Reinvestments Act (CRA), and the amount of bank deposits. The results show that operational distance has a negative effect on business relocation, particularly in metro counties, while functional distance has a positive effect. Additionally, the study found a negative relationship between banking market concentration and business relocation and a positive relationship between CRA loans and bank deposits with relocations. These findings are largely unchanged in terms of the direction of the effect and statistical significance with respect various robustness checks. When estimates are conducted based on the size and age of the relocating businesses, the results are likewise generally similar, with some small differences in terms of direction and statistical significance.

本文研究了2011年至2015年美国地方金融结构对企业搬迁的影响。它使用多个代理来衡量县级地方金融结构，例如搬迁机构到最近的商业银行分支机构的平均距离（运营距离）、银行分行与其总部之间的平均距离（功能距离）、银行地域集中度、根据《社区再投资法》（CRA）记录的小企业贷款金额以及银行存款金额。结果表明，经营距离对企业搬迁有负向影响，特别是在都市圈县，而功能距离则有正向影响。此外，研究发现，银行市场集中度与企业搬迁之间存在负相关关系，而CRA贷款和银行存款与搬迁之间存在正相关关系。这些发现在影响方向和各种稳健性检查的统计显着性方面基本上没有变化。当根据搬迁企业的规模和历史进行估算时，结果同样大体相似，只是在方向和统计显着性方面存在一些细微差异。