Financial development, bank discrimination and trade credit
Financial development, bank discrimination and trade credit
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金融发展、银行歧视和贸易信贷
DOI：
10.1016/j.jbankfin.2006.07.009
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发表时间：
2007-02-01
影响因子：
3.7
通讯作者：
Qiu, Jiaping
中科院分区：
文献类型：
--
作者：
Ge, Ying;Qiu, Jiaping
中国的非国有企业在银行支持有限的情况下迅速发展。这提供了一个独特的环境，以测试一个金融机构欠发达的国家的公司如何为繁荣的增长机会提供资金。本文比较了中国国有企业和非国有企业对贸易信贷这一重要的非正规融资渠道的使用情况。我们发现，与国有企业相比，非国有企业使用更多的贸易信贷。我们进一步表明，这种更高的使用率主要是为了融资而不是交易目的。结果表明，在正规金融部门不发达的国家，企业可以通过主要依赖隐性合同关系的非正规金融渠道支持其增长。(c)2006 Elsevier B.V.保留所有权利。
Non-state owned firms in China grow tremendously with limited support from banks. This provides a unique setting to test how firms in a country with poorly developed financial institutions fund their prosperous growth opportunities. This paper compares the use of an important non-formal financial channel, trade credit, between state and non-state owned firms in China. We find that, compared to state owned firms, non-state owned firms use more trade credit. We further show that this higher usage is primarily for financing rather than transactional purposes. The results suggest that, in a country with a poorly developed formal financial sector, firms can support their growth through non-formal financial channels that largely rely on implicit contractual relation. (c) 2006 Elsevier B.V. All rights reserved.