Financial Development,Economic Growth and External Financing Dependence:Evidence from Non-listed Firms
利用跨国企业层面的大样本数据，发现金融发展通过降低外部融资成本促进企业增长，尤其对依赖外部融资的非上市企业效果更显著。
One of rationale for the causality between financial development and economic growth is that:the financial development can help enterprises to reduce the costs of external financing by facilitating information disclosure, accounting management and corporate governance.This rationale is supported by the empirical results of this paper.Focusing on non-listed companies that are more likely to face financial constrains,the paper finds the evidence by using a large sample of firm-level data across countries that those firms that depend more on external financing grow faster in a country that is financially more developed.