Funding growth in bank-based and market-based financial systems: evidence from firm-level data

• 成果类型: Article
• 署名作者: Demirgüç-Kunt, A; Maksimovic, V
• 署名单位: University System of Maryland; University of Maryland College Park; The World Bank
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(02)00145-9
• 发表日期: 2002
• 页码: 337-363
• 关键词: financial system; firm growth; LAW; Financial institutions

摘要

We investigate whether firms' access to external financing to fund growth differs in market-based and bank-based financial systems. Using firm-level data for 40 countries, we compute the proportion of firms in each country relying on external finance and examine how that proportion differs across financial systems. We find that the development of a country's legal system predicts access to external finance, and stock markets and the banking system affect access to external finance differently. However, we find no evidence that firms' access to external financing is predicted by several proxies for relative development of stock markets to the development of the banking system. (C) 2002 Elsevier Science B.V. All rights reserved.