Formal Versus Informal Finance: Evidence From China
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...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2008
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | Weitere Ausgabe: Ayyagari, Meghana: Formal Versus Informal Finance |
| Beschreibung: | 1 Online-Ressource (77 Seiten) |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV040619069 | ||
| 003 | DE-604 | ||
| 005 | 20250130 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 121206s2008 xxu o|||| 00||| eng d | ||
| 035 | |a (ZDB-1-WBA)093230168 | ||
| 035 | |a (OCoLC)836754473 | ||
| 035 | |a (DE-599)GBVNLM005466318 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-12 |a DE-1102 |a DE-1051 |a DE-521 |a DE-863 |a DE-862 |a DE-522 |a DE-858 |a DE-573 |a DE-860 |a DE-1046 |a DE-1047 |a DE-Aug4 |a DE-2070s |a DE-M347 |a DE-1049 |a DE-898 |a DE-128 |a DE-M352 |a DE-70 |a DE-92 |a DE-150 |a DE-155 |a DE-22 |a DE-91 |a DE-384 |a DE-473 |a DE-19 |a DE-739 |a DE-20 |a DE-703 |a DE-706 |a DE-355 |a DE-29 |a DE-859 |a DE-Re13 |a DE-523 | ||
| 100 | 1 | |a Ayyagari, Meghana |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Formal Versus Informal Finance |b Evidence From China |c Ayyagari, Meghana |
| 264 | 1 | |a Washington, D.C |b The World Bank |c 2008 | |
| 300 | |a 1 Online-Ressource (77 Seiten) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 500 | |a Weitere Ausgabe: Ayyagari, Meghana: Formal Versus Informal Finance | ||
| 520 | 1 | |a 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 | |
| 534 | |c 2008 | ||
| 653 | |a Access to Finance | ||
| 653 | |a Alternative Financing | ||
| 653 | |a Banking System | ||
| 653 | |a Bankruptcy and Resolution of Financial Distress | ||
| 653 | |a Banks and Banking Reform | ||
| 653 | |a Corruption | ||
| 653 | |a Debt Markets | ||
| 653 | |a Finance and Financial Sector Development | ||
| 653 | |a Financial Development | ||
| 653 | |a Financial System | ||
| 653 | |a Financial Systems | ||
| 653 | |a Formal Bank | ||
| 653 | |a Formal Financial Institutions | ||
| 653 | |a Informal Finance | ||
| 653 | |a International Bank | ||
| 700 | 1 | |a Demirgüç-Kunt, Asli |d 1961- |e Verfasser |0 (DE-588)124432891 |4 aut | |
| 700 | 1 | |a Maksimovic, Vojislav |d 1955- |e Verfasser |0 (DE-588)13030980X |4 aut | |
| 776 | 0 | 8 | |i Reproduktion von |a Ayyagari, Meghana |t Formal Versus Informal Finance |d 2008 |
| 856 | 4 | 0 | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4465 |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-025446568 | |
Datensatz im Suchindex
| DE-BY-FWS_katkey | 461778 |
|---|---|
| _version_ | 1824555615955976194 |
| adam_text | |
| any_adam_object | |
| author | Ayyagari, Meghana Demirgüç-Kunt, Asli 1961- Maksimovic, Vojislav 1955- |
| author_GND | (DE-588)124432891 (DE-588)13030980X |
| author_facet | Ayyagari, Meghana Demirgüç-Kunt, Asli 1961- Maksimovic, Vojislav 1955- |
| author_role | aut aut aut |
| author_sort | Ayyagari, Meghana |
| author_variant | m a ma a d k adk v m vm |
| building | Verbundindex |
| bvnumber | BV040619069 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)093230168 (OCoLC)836754473 (DE-599)GBVNLM005466318 |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000 c 4500</leader><controlfield tag="001">BV040619069</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20250130</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">121206s2008 xxu o|||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)093230168</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)836754473</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM005466318</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-1102</subfield><subfield code="a">DE-1051</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-863</subfield><subfield code="a">DE-862</subfield><subfield code="a">DE-522</subfield><subfield code="a">DE-858</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-860</subfield><subfield code="a">DE-1046</subfield><subfield code="a">DE-1047</subfield><subfield code="a">DE-Aug4</subfield><subfield code="a">DE-2070s</subfield><subfield code="a">DE-M347</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-898</subfield><subfield code="a">DE-128</subfield><subfield code="a">DE-M352</subfield><subfield code="a">DE-70</subfield><subfield code="a">DE-92</subfield><subfield code="a">DE-150</subfield><subfield code="a">DE-155</subfield><subfield code="a">DE-22</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-384</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-859</subfield><subfield code="a">DE-Re13</subfield><subfield code="a">DE-523</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Ayyagari, Meghana</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Formal Versus Informal Finance</subfield><subfield code="b">Evidence From China</subfield><subfield code="c">Ayyagari, Meghana</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">The World Bank</subfield><subfield code="c">2008</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (77 Seiten)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Weitere Ausgabe: Ayyagari, Meghana: Formal Versus Informal Finance</subfield></datafield><datafield tag="520" ind1="1" ind2=" "><subfield code="a">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</subfield></datafield><datafield tag="534" ind1=" " ind2=" "><subfield code="c">2008</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Access to Finance</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Alternative Financing</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Banking System</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Bankruptcy and Resolution of Financial Distress</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Banks and Banking Reform</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Corruption</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Debt Markets</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Finance and Financial Sector Development</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Financial Development</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Financial System</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Financial Systems</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Formal Bank</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Formal Financial Institutions</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Informal Finance</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">International Bank</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Demirgüç-Kunt, Asli</subfield><subfield code="d">1961-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)124432891</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Maksimovic, Vojislav</subfield><subfield code="d">1955-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)13030980X</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Reproduktion von</subfield><subfield code="a">Ayyagari, Meghana</subfield><subfield code="t">Formal Versus Informal Finance</subfield><subfield code="d">2008</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4465</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-025446568</subfield></datafield></record></collection> |
| id | DE-604.BV040619069 |
| illustrated | Not Illustrated |
| indexdate | 2025-02-20T07:10:29Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-025446568 |
| oclc_num | 836754473 |
| open_access_boolean | |
| owner | DE-12 DE-1102 DE-1051 DE-521 DE-863 DE-BY-FWS DE-862 DE-BY-FWS DE-522 DE-858 DE-573 DE-860 DE-1046 DE-1047 DE-Aug4 DE-2070s DE-M347 DE-1049 DE-898 DE-BY-UBR DE-128 DE-M352 DE-70 DE-92 DE-150 DE-155 DE-BY-UBR DE-22 DE-BY-UBG DE-91 DE-BY-TUM DE-384 DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-739 DE-20 DE-703 DE-706 DE-355 DE-BY-UBR DE-29 DE-859 DE-Re13 DE-BY-UBR DE-523 |
| owner_facet | DE-12 DE-1102 DE-1051 DE-521 DE-863 DE-BY-FWS DE-862 DE-BY-FWS DE-522 DE-858 DE-573 DE-860 DE-1046 DE-1047 DE-Aug4 DE-2070s DE-M347 DE-1049 DE-898 DE-BY-UBR DE-128 DE-M352 DE-70 DE-92 DE-150 DE-155 DE-BY-UBR DE-22 DE-BY-UBG DE-91 DE-BY-TUM DE-384 DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-739 DE-20 DE-703 DE-706 DE-355 DE-BY-UBR DE-29 DE-859 DE-Re13 DE-BY-UBR DE-523 |
| physical | 1 Online-Ressource (77 Seiten) |
| psigel | ZDB-1-WBA |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | The World Bank |
| record_format | marc |
| spellingShingle | Ayyagari, Meghana Demirgüç-Kunt, Asli 1961- Maksimovic, Vojislav 1955- Formal Versus Informal Finance Evidence From China |
| title | Formal Versus Informal Finance Evidence From China |
| title_auth | Formal Versus Informal Finance Evidence From China |
| title_exact_search | Formal Versus Informal Finance Evidence From China |
| title_full | Formal Versus Informal Finance Evidence From China Ayyagari, Meghana |
| title_fullStr | Formal Versus Informal Finance Evidence From China Ayyagari, Meghana |
| title_full_unstemmed | Formal Versus Informal Finance Evidence From China Ayyagari, Meghana |
| title_short | Formal Versus Informal Finance |
| title_sort | formal versus informal finance evidence from china |
| title_sub | Evidence From China |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4465 |
| work_keys_str_mv | AT ayyagarimeghana formalversusinformalfinanceevidencefromchina AT demirguckuntasli formalversusinformalfinanceevidencefromchina AT maksimovicvojislav formalversusinformalfinanceevidencefromchina |