民间金融市场经济学外文翻译--正规与非正规金融：来自中国的证据-金融财政(编辑修改稿)

民间金融市场经济学外文翻译--正规与非正规金融：来自中国的证据-金融财政(编辑修改稿)内容摘要：

al ventures. Informal financial institutions rely on relationships and reputation and can more efficiently monitor and enforce repayment from a class of firms than mercial banks and similar formal financial institutions to this view however, informal financial systems cannot substitute for formal financial systems because their monitoring and enforcement mechanisms are illequipped to scale up and meet the needs of the higher end of the market. Recently, studies have emphasized the critical role played by informal works and financial channels even in developed markets. Guiso, Sapienza and Zingales (2020) show that social capital affects the level of financial development acrossdifferent regions of Italy and is particularly important when legal enforcement is weaker and among less educated people who have limited understanding of contracting mechanisms. Gomes (2020) investigates why minority shareholders invest in IPOs in environments with poor investor protection 3 rights and concludes that controlling shareholders mit implicitly not to expropriate them because of reputation and Moskowitz (2020) show that even in the United States, informal works play an important role in controlling access to finance. Using the mercial real estate market as an example they show that brokers serve an important role in providing clients access to finance and that brokers and banks develop informal works that have a significant effect on availability of finance. While the above work shows the existence of informal works alongside formal systems, a controversial extension of this literature has been recent work by Allen, Qian, and Qian (2020), suggest that China may be an important counterexample to the law and finance literature39。 s focus on formal systems since the fastest growing Chinese firms rely on alternative financing channels rather than formal external finance. 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 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 Chinese firms39。 financing patterns are different when pared to those of similar firms in other countries that have been the focus of the prior literature. Next, we explore how the financing patterns, both formal and informal, vary across different types of firms across cities and re。