财务金融三大英文期刊近10年（2010-2019）发表的中国题材论文（01）

金融经济学 · 公众号 · · 2020-03-17 21:30

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The Review of Financial Studies（01）

Formal versus Informal Finance Evidence from China

Formal versus Informal Finance Evidence from China

T he Review of Financial Studies , 2010, 23(8): 3048-3097

Meghana Ayyagari, George Washington University

Asli Demirguc-Kunt, World Bank

Vojislav Maksimovic, University of Maryland

Abstract

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.