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.
中國(guó)在財(cái)務(wù)結(jié)果與經(jīng)濟(jì)增長(zhǎng)的反例中是被經(jīng)常提及的，因?yàn)樗你y行體系存在很大的弱點(diǎn)，但它卻是發(fā)展最快的全球經(jīng)濟(jì)體之一。在中國(guó)，私營(yíng)部門依據(jù)其籌資治理機(jī)制，促進(jìn)公司的快速增長(zhǎng)，以及促進(jìn)中國(guó)的發(fā)展。本文以一個(gè)企業(yè)的融資模式和使用2400份的中國(guó)企業(yè)數(shù)據(jù)庫(kù)資料，以及一個(gè)相對(duì)較小的公司在利用非正式資金來(lái)源的樣本比例，得出其是更大依賴正式的銀行融資。盡管中國(guó)的銀行存在較大的弱點(diǎn)，但正規(guī)融資金融體系關(guān)系企業(yè)快速成長(zhǎng)， 而從其他渠道融資則不是。通過(guò)使用選擇模型，我們發(fā)現(xiàn)，沒(méi)有證據(jù)證明這些成果的產(chǎn)生是因?yàn)檫x擇的公司已進(jìn)入正規(guī)金融體系。雖然公司公布銀行貪污，但沒(méi)有證據(jù)表明它嚴(yán)重影響了信貸分配或公司的業(yè)績(jī)獲得。