正規(guī)與非正規(guī)金融：來自中國(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(參考版)
2025-01-15 07:10本頁(yè)面
【正文】 financing patterns are different when pared to those of similar firms in other countries that have been the focus of the prior literature. Next, we explore how the financing patterns, both formal and informal, vary across different types of firms across cities and regions. We then study how bank finance and financing from informal sources are associated with firm sales growth, productivity growth and profit reinvestment. We address these issues using a new data source, the Investment Climate Survey6, a major firm level survey conducted in China in 2022 and led by the World Bank. The survey has information on financing choices for firms across 18 different cities. One of the strengths of the survey is its coverage of small and medium enterprises. Hence, in addition to information on mercial financing sources such as bank finance, the survey also includes information on sources of financing that are associated with small firm finance such as trade credit and finance from informal sources such as a money lender or an informal bank or other financing such as trade credit and finance from informal sources such as a money lender or an informal bank or other financing sources. We find that 20% of firm financing in our sample is sourced from banks, which is parable to the use of bank financing in other developing countries such as India,Indonesia, Brazil, Bangladesh, Nigeria and the Russian Federation. However, the breakdown of nonbank financing sources shows greater differences. At the firm level, we find that bank financing is more prevalent with larger firms as We also find substantial firm level heterogeneity in financing patterns within China. The firms in the sample e from five different regions of China: Coastal, Southwest, Central, Northwest, and Northeast. The financing patterns show that the largest amount of bank financing is in the Coastal (%) and Southwest regions (26%)that have an investment climate that facilitates access to formal sources of external finance. We find that firms using formal bank finance grow faster than those financed from alternative channels. Our results hold even when we exclude firms registered as publicly traded panies or state owned 溫州大學(xué)城市學(xué)院本科畢業(yè)設(shè)計(jì)（論文）外文翻譯 5 panies and look at a sample of just private sector firms, which are the fastest growing firms in the Chinese economy. We also find that firms financed by formal bank finance experience higher reinvestment rates, and productivity growth at least equal to that of firms financed from nonbank sources. This suggests that the growth financed by banks is not inefficient growth. The paper39。s growth. This paper takes a closer look at firm financing patter
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