民間金融市場經(jīng)濟(jì)學(xué)外文翻譯--正規(guī)與非正規(guī)金融來自中國的證據(jù)

1、<p>　　原文題目：《正規(guī)與非正規(guī)金融：來自中國的證據(jù)》</p><p>　　作者：Meghana Ayyagari，Asli Demirguc-kunt，Vojislav Maksimovic</p><p>　　原文出處：世界銀行發(fā)展研究組財政與私營部門政策研究工作文件，2008</p><p>　　正規(guī)與非正規(guī)金融：來自中國的證據(jù)</p>

2、;<p>　　中國在財務(wù)結(jié)果與經(jīng)濟(jì)增長的反例中是被經(jīng)常提及的，因為它的銀行體系存在很大的弱點，但它卻是發(fā)展最快的全球經(jīng)濟(jì)體之一。在中國，私營部門依據(jù)其籌資治理機制，促進(jìn)公司的快速增長，以及促進(jìn)中國的發(fā)展。本文以一個企業(yè)的融資模式和使用2400份的中國企業(yè)數(shù)據(jù)庫資料，以及一個相對較小的公司在利用非正式資金來源的樣本比例，得出其是更大依賴正式的銀行融資。盡管中國的銀行存在較大的弱點，但正規(guī)融資金融體系關(guān)系企業(yè)快速成長， 而從其

3、他渠道融資則不是。通過使用選擇模型，我們發(fā)現(xiàn)，沒有證據(jù)證明這些成果的產(chǎn)生是因為選擇的公司已進(jìn)入正規(guī)金融體系。雖然公司公布銀行貪污，但沒有證據(jù)表明它嚴(yán)重影響了信貸分配或公司的業(yè)績獲得。</p><p>　　金融的發(fā)展與更快的增長已證明和改善資源配置有關(guān)。盡管研究的重點一直是正式的金融機構(gòu)，但也認(rèn)識到非正式金融系統(tǒng)的存在和其發(fā)揮的巨大作用，特別是在發(fā)展中國家。雖然占主導(dǎo)地位的觀點是，非正規(guī)金融機構(gòu)發(fā)揮輔助作用，提供低

4、端市場的服務(wù)，通常無抵押，短期貸款只限于農(nóng)村地區(qū)，農(nóng)業(yè)承包合同，家庭，個人或小企業(yè)的貸款籌資。非正規(guī)金融機構(gòu)依靠關(guān)系和聲譽，可以有效地監(jiān)督和執(zhí)行還款?？墒欠钦?guī)金融系統(tǒng)不能取代正規(guī)金融，這是因為他們的監(jiān)督和執(zhí)行機制不能適應(yīng)金融體系高端的規(guī)模需要。</p><p>　　最近，有研究強調(diào)非正式融資渠道發(fā)揮了關(guān)鍵的作用，甚至在發(fā)達(dá)市場。圭索，薩皮恩扎和津加萊斯（2004）表明，非正式資本影響整個意大利不同地區(qū)的金融發(fā)展

5、水平。戈麥斯（2000）調(diào)查為什么一些股東在新股投資惡劣的環(huán)境下，仍保護(hù)投資者的權(quán)利，并得出結(jié)論，控股股東承諾不征用股本，是因為擔(dān)心他們的聲譽。Garmaise和莫斯科維茨（2003）顯示，即使在美國，非正式金融在融資方面也發(fā)揮了重要的作用。舉一個商業(yè)房地產(chǎn)作為例子，市場經(jīng)紀(jì)人，他們主要是為客戶提供服務(wù)，以獲得資金，這和證券經(jīng)紀(jì)和銀行開發(fā)具有非正式網(wǎng)絡(luò)有某些類似情況。上述的研究表明，存在正規(guī)系統(tǒng)的同時，非正規(guī)系統(tǒng)也發(fā)揮了重要的作用。在中

6、國，一些私有企業(yè)，盡管所受的法律保護(hù)和資金獲得比國有及上市部門的公司少，但卻是增長最快的，因為它們有效的集資和治理手段。艾倫錢（2005）進(jìn)一步表明，中國可能是一個重要的反榜樣，中國公司的發(fā)展依靠對正規(guī)系統(tǒng)的重點發(fā)展，而不是通過正式的外部融資方式獲得融資。</p><p>　　我們使用2400份中國企業(yè)一級調(diào)查數(shù)據(jù)，來探討在中國的非正規(guī)金融體系。非正規(guī)部門是具有高增長和利潤再投資的，作為對正規(guī)金融體系的替代物，不

7、正規(guī)部門主要服務(wù)于低端市場？為了回答這個問題，我們首先調(diào)查是否是因為中國企業(yè)融資模式的不同，下一步，我們將探討其融資方式，正式和非正式的，全國各個城市和地區(qū)不同類型的企業(yè)。然后我們研究金融和銀行如何從非正式渠道籌集資金，公司的銷售增長情況，生產(chǎn)力增長和利潤再投資情況。</p><p>　　為解決這些問題，我們使用一個新的數(shù)據(jù)源。2003年，由世界銀行牽頭的一家大公司進(jìn)行水平調(diào)查，選擇對中國18個不同城市的公司融資

8、信息進(jìn)行調(diào)查。其中主要調(diào)查的范圍是中小型企業(yè)。因此，除了融資資金來源于商業(yè)銀行外，調(diào)查資料還包括小企業(yè)的非正式資金來源，如放債人，如貿(mào)易信貸和非正式的銀行資融或其他融資來源。</p><p>　　我們發(fā)現(xiàn)，樣本的20％融資來自銀行，比如印度，印度尼西亞，巴西，孟加拉國，尼日利亞和俄羅斯聯(lián)邦。然而，破裂的非銀行資金來源存在較大差異。相對于其他國家，在中國，我們的樣本企業(yè)依靠大量非正規(guī)部門和其他融資渠道獲得資金，這些

9、資金來源很可能是大型地下貸款。</p><p>　　在企業(yè)層面，我們發(fā)現(xiàn)，在中國銀行融資，大公司的融資模式，存在異質(zhì)性。樣本中的公司來自中國五個不同的地區(qū)：沿海，西南，中部，西北和東北。此次融資模式顯示，最大的銀行融資額（23.3％）和西南地區(qū)（26％在沿海）有一個利于正式融資的投資環(huán)境。</p><p>　　我們發(fā)現(xiàn)，企業(yè)使用正規(guī)的銀行融資提供經(jīng)費的增長速度比從其他渠道要快。我們的研究結(jié)

10、果認(rèn)為，即使我們排除注冊公司，上市公司或國有企業(yè)，僅看私人樣本的公司，它們是中國最快的經(jīng)濟(jì)增長公司。我們發(fā)現(xiàn)該公司的資金來自正規(guī)銀行融資的再投資率較高，其生產(chǎn)率的增長至少等同于從非正規(guī)銀行融資來源。</p><p>　　本文的結(jié)果不依賴于建立因果關(guān)系，即使增長最快的企業(yè)是通過正規(guī)銀行集資，因為通過顯示性偏好，我們知道非正式金融為企業(yè)的快速增長提供了重要作用。</p><p>　　然而，我們

11、使用了其他規(guī)格，工具變量估計和匹配的估計，測試結(jié)果為，企業(yè)獲得銀行貸款增長低于同類企業(yè)依靠非正式的融資或其他來源。我們發(fā)現(xiàn)，控制了內(nèi)生性的銀行融資決策，銀行融資是較高的銷售增長，利潤再投資。銀行分配在銀行和控制政府官員腐敗上有重要的作用，幫助獲取貸款的選擇模式增強了銀行對企業(yè)融資的影響性能。當(dāng)我們估計匹配的模式時，我們再次發(fā)現(xiàn)，有條件的，例如大小，公司經(jīng)營時間，法律地位，所有權(quán)和城市定位，銀行融資公司更比非銀行融資的企業(yè)，其再投資增長更

12、快。 </p><p>　　從非正規(guī)來源依靠外部融資，我們還直接比較的公司的報告，銀行貸款，性能。企業(yè)依賴非正式的外部融資，利潤再投資率的增長速度較低或高于銀行融資的企業(yè)生產(chǎn)率的增長。只有在非正式融資時，包括內(nèi)部融資，是非正式提高勞動生產(chǎn)率的增長和再融資相關(guān)的（但不高于增長）。</p><p>　　雖然我們研究了大多數(shù)的企業(yè)獲得銀行貸款的增長速度，但我們?nèi)哉业揭粋€公司。該公司的報告顯示，

13、政府幫助有助于爭取銀行貸款。大約16％的樣本公司，并沒有顯示獲得銀行貸款，會在增長，再投資或生產(chǎn)力方面有所改善。然而，這些結(jié)果并不適用于中國的金融。</p><p>　　總的來說，我們的研究結(jié)果表明，即使是中國這樣一個快速發(fā)展的經(jīng)濟(jì)體，正規(guī)金融系統(tǒng)提供了私營部門一個小部分，使得私營部門快速增長。我們發(fā)現(xiàn)，沒有證據(jù)表明融資渠道的選擇都與更高的增長有關(guān)。雖然我們有一些證據(jù)表明，非正規(guī)金融可以幫助小型企業(yè)，但我們發(fā)現(xiàn)，

14、所有不論大小公司，從正規(guī)金融更能獲得好處。非正規(guī)融資對治理和支持私營公司的增長機制可能是有限的，不可能代替正式機制。</p><p>　　Formal versus Informal Finance:Evidence from China</p><p>　　Meghana Ayyagari，Asli Demirguc-kunt，Vojislav Maksimovic</p>

15、<p>　　The World Bank Development Research Group</p><p>　　Finance and Private Sector Team</p><p>　　Policy Research Working Paper，2008</p><p>　　China is often mentioned as a cou

16、nterexample 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 fir

17、ms 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 f

18、irms. The authors find that a r</p><p>　　Financial development has been shown to be associated with faster growth and improved allocative efficiency.While the research focus has been on formal financial inst

19、itutions, the literature has recognized the existence and role played by informal financial systems, especially in developing economies.The dominant view is that informal financial institutions play a complementary role

20、to the formal financial system by servicing the lower end of the market，informal financing typically consists of s</p><p>　　Recently, studies have emphasized the critical role played by informal networks and

21、 financial channels even in developed markets. Guiso, Sapienza and Zingales (2004) show that social capital affects the level of financial development acrossdifferent regions of Italy and is particularly important when l

22、egal enforcement is weaker and among less educated people who have limited understanding of contracting mechanisms. Gomes (2000) investigates why minority shareholders invest in IPOs in environment</p><p>　　

23、In this paper, we use detailed firm level survey data on 2400 firms in China to investigate which of the two views are consistent with the operation of the informal sector in China. Is the informal sector associated with

24、 high growth and profit reinvestment and serve as a substitute to the formal financial system or does the informal sector primarily serve the lower end of the market? To answer this question, we first investigate whether

25、 Chinese firms' financing patterns are different when compar</p><p>　　We address these issues using a new data source, the Investment Climate Survey6, a major firm level survey conducted in China in 2003

26、 and led by the World Bank. The survey has information on financing choices for firms across 18 different cities. One of the strengths of the survey is its coverage of small and medium enterprises. Hence, in addition to

27、information on commercial financing sources such as bank finance, the survey also includes information on sources of financing that are associated </p><p>　　We find that 20% of firm financing in our sample i

28、s sourced from banks, which is comparable to the use of bank financing in other developing countries such as India,Indonesia, Brazil, Bangladesh, Nigeria and the Russian Federation. However, the breakdown of non-bank fin

29、ancing sources shows greater differences. </p><p>　　At the firm level, we find that bank financing is more prevalent with larger firms as expected.7 We also find substantial firm level heterogeneity in finan

30、cing patterns within China. The firms in the sample come from five different regions of China: Coastal, Southwest, Central, Northwest, and Northeast. The financing patterns show that the largest amount of bank financing

31、is in the Coastal (23.3%) and Southwest regions (26%)that have an investment climate that facilitates access to formal source</p><p>　　We find that firms using formal bank finance grow faster than those fina

32、nced from alternative channels. Our results hold even when we exclude firms registered as publicly traded companies or state owned companies and look at a sample of just private sector firms, which are the fastest growin

33、g firms in the Chinese economy. We also find that firms financed by formal bank finance experience higher reinvestment rates, and productivity growth at least equal to that of firms financed from non-bank sou</p>

34、<p>　　The paper's results do not rely on establishing causality since even if it were the case that fastest growing firms are bank financed, then by revealed preference we know that at the margin banks are a bet

35、ter alternative to informal finance for fast growing firms.</p><p>　　However, we use a full battery of alternative specifications, a selection model,instrumental variables estimators and a matching estimator

36、, to empirically test for the possibility that firms that obtain bank loans grow less fast than similar firms that rely on informal or other sources of financing. We find that, controlling for the endogeneity of the bank

37、 financing decision, bank finance is associated with higher sales growth and profit reinvestment. Controlling for perceived imperfections in t</p><p>　　We also directly compare the performance of firms which

38、 report bank loans with that of firms that rely on external financing from informal sources. Firms which rely on informal external financing have lower profit reinvestment rates and do not grow faster or have higher prod

39、uctivity growth than firms that are bank financed. Only when informal financing is defined, to include internal financing, is informal financing associated with higher productivity growth and reinvestment.</p><

40、;p>　　While we find the majority of firms that receive bank loans grow faster as a result,we do find a subpopulation of firms that do not. Firms that report that government help was instrumental in obtaining a bank loa

41、n, about 16% of the sample, do not show improvements in growth, reinvestment or productivity. However, these results do not make China an exception to the growth and finance literature. </p><p>　　Overall, ou

42、r results suggest that even in fast growing economies like China where the formal financial system serves a small portion of the private sector, external finance from the formal financial system is associated with faster

43、 growth and higher profit reinvestment rates for those firms that receive it. We find no evidence that alternative financing channels are associated with higher growth. While we have some limited evidence that informal f