Firm Size, Source of Finance, and Growth - Evidence from China
Firm Size, Source of Finance, and Growth - Evidence from China
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DOI：
10.1080/13571516.2012.715272
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发表时间：
2012-01-01
影响因子：
1.2
通讯作者：
Girma, Sourafel
中科院分区：
文献类型：
--
作者：
Du, Jun;Girma, Sourafel
本文利用中国1998年至2005年的企业层面数据，考察了企业规模、融资来源与全要素生产率增长之间的关系。控制融资来源的内生性，我们发现企业规模在融资结构影响增长过程的方式中起着重要作用。国内银行贷款对大公司更有效，而自筹资金更有利于小公司的成长。我们还发现了所有权在公司规模、财务和增长之间的关系中起中介作用的证据。
Using a comprehensive firm-level data set from China spanning the period 1998-2005, this study investigates the relationship between firm size, financing sources, and total factor productivity growth. Controlling for the endogeneity of financing sources, we find that firm size plays an important role in the way financial structure affects the growth process. Domestic bank loans are more effective for bigger firms, while self-raised finance is more beneficial to smaller firms' growth. We also uncover evidence that ownership mediates the relationship between firm size, finance, and growth.