全球智库信息集成服务系统(G2TT): DP9519 Informal or Formal Financing? Or Both? First Evidence on the Co-Funding of Chinese Firms

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP9519
	DP9519 Informal or Formal Financing? Or Both? First Evidence on the Co-Funding of Chinese Firms
	Hans Degryse; Steven Ongena; Liping Lu
发表日期	2013-06-23
出版年	2013
语种	英语
摘要	The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small firms and 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. Informal finance offers informational and monitoring advantages, while formal finance offers relatively inexpensive funds. Co-funding, i.e. the simultaneous use of formal and informal finance, is the optimal choice for small firms.
主题	Financial Economics
关键词	Co-funding Formal finance Growth Informal finance
URL	https://cepr.org/publications/dp9519
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/538355
推荐引用方式 GB/T 7714	Hans Degryse,Steven Ongena,Liping Lu. DP9519 Informal or Formal Financing? Or Both? First Evidence on the Co-Funding of Chinese Firms. 2013.