正规与非正规金融-外文翻译.doc
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正规与非正规金融-外文翻译,china is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one...
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China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China'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.
中国在财务结果与经济增长的反例中是被经常提及的,因为它的银行体系存在很大的弱点,但它却是发展最快的全球经济体之一。在中国,私营部门依据其筹资治理机制,促进公司的快速增长,以及促进中国的发展。本文以一个企业的融资模式和使用2400份的中国企业数据库资料,以及一个相对较小的公司在利用非正式资金来源的样本比例,得出其是更大依赖正式的银行融资。尽管中国的银行存在较大的弱点,但正规融资金融体系关系企业快速成长, 而从其他渠道融资则不是。通过使用选择模型,我们发现,没有证据证明这些成果的产生是因为选择的公司已进入正规金融体系。虽然公司公布银行贪污,但没有证据表明它严重影响了信贷分配或公司的业绩获得。
中国在财务结果与经济增长的反例中是被经常提及的,因为它的银行体系存在很大的弱点,但它却是发展最快的全球经济体之一。在中国,私营部门依据其筹资治理机制,促进公司的快速增长,以及促进中国的发展。本文以一个企业的融资模式和使用2400份的中国企业数据库资料,以及一个相对较小的公司在利用非正式资金来源的样本比例,得出其是更大依赖正式的银行融资。尽管中国的银行存在较大的弱点,但正规融资金融体系关系企业快速成长, 而从其他渠道融资则不是。通过使用选择模型,我们发现,没有证据证明这些成果的产生是因为选择的公司已进入正规金融体系。虽然公司公布银行贪污,但没有证据表明它严重影响了信贷分配或公司的业绩获得。