Formal versus Informal Finance: Evidence from China

被引：466

作者：

Ayyagari, Meghana ^{[1
]}

Demirguc-Kunt, Asli ^{[2
]}

Maksimovic, Vojislav ^{[3
]}

机构：

[1] George Washington Univ, Sch Business, Washington, DC 20052 USA

[2] World Bank, Washington, DC USA

[3] Univ Maryland, Robert H Smith Sch Business, College Pk, MD 20742 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2010年 / 23卷 / 08期

关键词：

CREDIT MARKETS; STATE BANKS; FIRM SIZE; GROWTH; INSTITUTIONS; OWNERSHIP; DEBT; ALLOCATION; BUREAUCRATS; CONSTRAINTS;

D O I：

10.1093/rfs/hhq030

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The fast growth of Chinese private sector firms is taken as evidence that informal finance can facilitate firm growth better than formal banks in developing countries. We examine firm financing patterns and growth using a database of twenty-four hundred Chinese firms. While a relatively small percentage of firms utilize bank loans, bank financing is associated with faster growth whereas informal financing is not. Controlling for selection, we find that firms with bank financing grow faster than similar firms without bank financing and that our results are not driven by bank corruption or the selection of firms that have accessed the formal financial system. Our findings question whether reputation and relationship-based financing are responsible for the performance of the fastest-growing firms in developing countries. (JEL G21, G30, O16, O17)

引用

页码：3048 / 3097

页数：50