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本文采用世界银行投资环境调查之中国企业投资环境调查2003和中国企业投资环境调查2012,分析了正式融资机制和非正式融资机制对企业销售增长率和劳动生产增长率的作用。研究发现,获取银行信贷的企业能够取得稳定的发展,而剔除了内部资金、留存收益的非正式融资来源也能有效促进企业增长。此外,银行融资和企业增长之间的正向关联是并不是由政府干预驱动的。实证结果表明,正式融资机制对企业增长发挥着稳定的作用,而非正式融资机制有效弥补了融资缺口,同样对企业增长有促进作用。因此,未来应该健全和完善正规金融市场的融资功能机制,促使正规金融在经济转型过程中发挥更大作用,同时配合优化非正式融资机构的监管机制,致力于建设功能互补、主次分明、监管完善的融资体系。
This paper uses the World Bank Investment Environment Survey of China’s Investment Environment Survey 2003 and China’s Corporate Investment Environment Survey 2012 to analyze the role of formal and informal financing mechanisms in the growth of corporate sales and labor productivity. The study found that firms that obtain bank credit can achieve steady growth while excluding informal sources of funds and retained earnings can effectively promote business growth. In addition, the positive link between bank financing and business growth is not driven by government intervention. The empirical results show that the formal financing mechanism plays a stabilizing role in the growth of the enterprise, while the informal financing mechanism can effectively make up for the financing gap and also promote the growth of the enterprise. Therefore, in the future, we should perfect and perfect the financing function mechanism of the formal financial market, promote the formal finance to play a greater role in the process of economic restructuring, and at the same time cooperate with the regulatory mechanism of informal financing institutions to devote themselves to building a harmonious society with the functions of complementarity, Improve the financing system.