中国的正规金融与非正规金融

《中国的正规金融与非正规金融》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、FormalversusInformalFinance:EvidencefromChinaMeghanaAyyagariAsliDemirgüç-KuntVojislavMaksimovic*March2007Abstract:Chinaisoftenmentionedasacounterexampletothefindingsinthefinanceandgrowthliteraturesince,despitetheweaknessesinitsbankingsystem,itisoneofthefastestgrowingeconomies

2、intheworld.ThefastgrowthofChineseprivatesectorfirmsistakenasevidencethatitisalternativefinancingandgovernancemechanismsthatsupportChina’sgrowth.Thispapertakesacloserlookatfirmfinancingpatternsandgrowthusingadatabaseof2400Chinesefirms.Wefindthatarelativelysmallpercentageoffirm

3、sinoursampleutilizeformalbankfinancewithamuchgreaterrelianceoninformalsources.However,ourresultssuggestthatdespiteitsweaknesses,financingfromtheformalfinancialsystemisassociatedwithfasterfirmgrowth,whereasfundraisingfromalternativechannelsisnot.Usingaselectionmodel,wefindnoev

4、idencethattheseresultsarisebecauseoftheselectionoffirmsthathaveaccesstotheformalfinancialsystem.Whilefirmsreportbankcorruption,wedonotfindevidencethatitsignificantlyaffectstheallocationofcreditortheperformanceoffirmsthatreceivethecredit.Wefindthatanimportantdeterminantofacces

5、stobankloansistheabilitytopostcollateral,whichisinturnafunctionoffirmsize,leveloffixedassetsandfirmlocation.OurfindingssuggestthattheroleofreputationandrelationshipbasedfinancingandgovernancemechanismsinfinancingthefastestgrowingfirmsinChinaislikelytobeoverestimated._________

6、__________________*Ayyagari:SchoolofBusiness,GeorgeWashingtonUniversity;Demirgüç-Kunt:WorldBank;Maksimovic:RobertH.SmithSchoolofBusinessattheUniversityofMaryland.Thispaper’sfindings,interpretations,andconclusionsareentirelythoseoftheauthorsanddonotnecessarilyrepresenttheviews

7、oftheWorldBank,itsExecutiveDirectors,orthecountriestheyrepresent.1IntroductionThereisasignificantbodyofresearchontheroleofinformalornon-market1institutionsinlowincomecountriesinrisksharingandprovidingcredit.Thedominanttheoryintheliteraturehasbeenthatinformalinstitutionshaveac

8、omparativeadvantageinmonitoring(thepeermonitoringviewasinStiglitz(19