正規(guī)與非正規(guī)金融：來(lái)自中國(guó)的證據(jù)經(jīng)濟(jì)學(xué)專業(yè)畢業(yè)設(shè)計(jì)外文翻譯-資料下載頁(yè)
2025-01-12 07:10本頁(yè)面
【正文】 to informal finance for fast growing firms. However, we use a full battery of alternative specifications, a selection model,instrumental variables estimators and a matching estimator, to empirically test for the possibility that firms that obtain bank loans grow less fast than similar firms that rely on informal or other sources of financing. We find that, controlling for the endogeneity of the bank financing decision, bank finance is associated with higher sales growth and profit reinvestment. Controlling for perceived imperfections in the allocation of bank loans such as corruption among bank officers and importance of government help in obtaining loans in the selection models strengthens the effect of bank financing on firm performance. When we estimate a matching model, again we find that conditional on firm characteristics such as size, age, legal status, ownership and city location, bank financed firms grow faster and reinvest more pared to nonbank financed firms. We also directly pare the performance of firms which report bank loans with that of firms that rely on external financing from informal sources. Firms which rely on informal external financing have lower profit reinvestment rates and do not grow faster or have higher productivity growth than firms that are bank financed. Only when informal financing is defined, to include internal financing, is informal financing associated with higher productivity growth and reinvestment. While we find the majority of firms that receive bank loans grow faster as a result,we do find a subpopulation of firms that do not. Firms that report that government help was instrumental in obtaining a bank loan, about 16% of the sample, do not show improvements in growth, reinvestment or productivity. However, these results do not make China an exception to the growth and finance literature. Overall, our results suggest that even in fast growing economies like China where the formal financial system serves a small portion of the private sector, external finance from the formal financial system is associated with faster growth and higher profit reinvestment rates for those firms that receive it. We find no evidence that alternative financing channels are associated with higher growth. While we have some limited evidence that informal finance might help the smallest micro sized firms, we find that all firms irrespective of size, benefit from access to formal finance. Our findings suggest that the role of reputation and relationship based informal financing and governance mechanisms in supporting the growth of private sector firms is likely to be limited and unlikely to substitute for formal mechanisms.
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