Informal or formal financing? Evidence on the co-funding of Chinese firms

被引：56
|
作者：
Degryse, Hans [1 ,2 ]
Lu, Liping [3 ]
Ongena, Steven [4 ,5 ]
机构：
[1] Katholieke Univ Leuven, Naamsestr 69, B-3000 Leuven, Belgium
[2] CEPR, Dept Accountancy Finance & Insurance, Naamsestr 69, B-3000 Leuven, Belgium
[3] Vrije Univ Amsterdam, Dept Finance, De Boelelaan 1105, NL-1081 HV Amsterdam, Netherlands
[4] Univ Zurich, SFI, Plattenstr 32, CH-8032 Zurich, Switzerland
[5] CEPR, Dept Banking & Finance, Plattenstr 32, CH-8032 Zurich, Switzerland
来源：
JOURNAL OF FINANCIAL INTERMEDIATION | 2016年 / 27卷
基金：
中国国家自然科学基金;
关键词：
Informal finance; Formal finance; Co-funding; Growth; POLITICALLY CONNECTED FIRMS; TRADE CREDIT; CONSTRAINTS; INDIA; COMPETITION; MARKETS; GROWTH;
D O I：
10.1016/j.jfi.2016.05.003
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Different modes of external finance provide heterogeneous benefits for the borrowing firms. Informal finance offers informational advantages whereas formal finance is scalable. Using unique survey data from China, we find that informal finance is associated with higher sales growth for small firms but lower sales growth for large firms. We identify a complementary effect between informal and formal finance for the sales growth of small firms, but not for large firms. Co-funding, thereby simultaneously using the informational advantage of informal finance and the scalability of formal finance, is therefore the optimal choice for small firms. (C) 2016 Elsevier Inc. All rights reserved.
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页码：31 / 50
页数：20
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