Finance and Firm Start-up Size: Quantile Regression Evidence from China

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Finance and Firm Start-up Size: Quantile Regression Evidence from China

Author Info

Jun Du
Sourafel Girma

Abstract

Using a unique dataset which provides information on the financial structure of start-up companies in the Chinese manufacturing industry, this paper documents robust evidence that access to formal financing channels has beneficial effects on firm size, these effects being more marked as we move up the entry size distribution. By contrast we find negative relationships between informal finance and entry size across all size quantiles. Given the well-documented positive correlations between firm size and numerous performance indicators, this paper has therefore uncovered entry size as an additional channel through which financial development promotes growth.

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Paper provided by University of Nottingham, GEP in its series Discussion Papers with number 09/12.

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Handle: RePEc:not:notgep:09/12

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Keywords: China; finance; growth;

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Other versions:
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Other versions:
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Other versions:
- Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Allen, Franklin & Qian, Jun & Qian, Meijun, 2005. "Law, finance, and economic growth in China," Journal of Financial Economics, Elsevier, vol. 77(1), pages 57-116, July. [Downloadable!] (restricted)
Other versions:
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