【正文】 企業(yè)。 然而，我們使用了其他規(guī)格，工具變量估計和匹配的估計， 測試結(jié)果為 ，企業(yè)獲得銀行貸款增長低于同類企業(yè)依靠非正式的融資或其他來源。s growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated. Financial development has been shown to be associated with faster growth and improved allocative the research focus has been on formal financial institutions, the literature has recognized the existence and role played by informal financial systems, especially in developing dominant view is that informal financial institutions play a plementary role to the formal financial system by servicing the lower end of the market， informal financing typically consists of small,unsecured, short term loans restricted to rural areas, agricultural contracts, households,individuals or small entrepreneurial ventures. Informal financial institutions rely on relationships and reputation and can more efficiently monitor and enforce repayment from a class of firms than mercial banks and similar formal financial institutions to this view however, informal financial systems cannot substitute for formal financial systems because their monitoring and enforcement mechanisms are illequipped to scale up and meet the needs of the higher end of the market. Recently, studies have emphasized the critical role played by informal works and financial channels even in developed markets. Guiso, Sapienza and Zingales (2020) show that social capital affects the level of financial development acrossdifferent regions of Italy and is particularly important when legal enforcement is weaker and among less educated people who have limited understanding of contracting mechanisms. Gomes (2020) investigates why minority shareholders invest in IPOs in environments with poor inve