Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 杜巨澜教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1111/j.1468-0351.2012.00439.x |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/4WOS source URL
其它资讯
摘要Using a World Bank dataset of Chinese firms, we investigate the relative importance of bank loans and trade credit in promoting firm performance. To deal with possible endogeneity issues, we employ distinct and separable instrumental variables for bank loans and trade credit. We find that access to bank loans is central to improving firm performance and growth, while the availability of trade credit is much less important. Our results suggest that trade credit cannot effectively substitute for bank loans. Overall, our findings suggest the need for further development of China's formal financial institutions, which would enable the non-state sector to grow much faster than it has grown in recent decades.
着者Du JL, Lu Y, Tao ZG
期刊名称ECONOMICS OF TRANSITION
出版年份2012
月份1
日期1
卷号20
期次3
出版社WILEY-BLACKWELL
页次http://aims.cuhk.edu.hk/converis/portal/Publication/457 - http://aims.cuhk.edu.hk/converis/portal/Publication/480
国际标準期刊号0967-0750
电子国际标準期刊号1http://aims.cuhk.edu.hk/converis/portal/Publication/468-0351
语言英式英语
关键词Bank loans; firm growth; firm performance; G32; O16; O17; P3http://aims.cuhk.edu.hk/converis/portal/Publication/4; trade credit
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
