Informal Short-term Borrowings and Small and Medium Enterprises’ Performance in a Credit Crunch: Evidence from Vietnam
研究了越南中小企业在信贷紧缩期间获取非正规短期借款的情况及其对企业销售和投资绩效的影响，发现银行借款与非正规借款的关系在危机前后发生变化，非正规借款对投资有更强的预测作用。
This study examines the access to informal short-term borrowings of small and medium enterprises (SMEs) and their performance in a credit-rationing period. Using a unique data set on Vietnamese private manufacturing SMEs spanning before, at the onset of, and during the period of credit distress 2011–2014, we find that bank loans act as a substitute for informal borrowings prior to but a complement during the crisis. Meanwhile, trade credit always complements informal borrowings, even when the crisis endures. Informal borrowings help enhance SMEs’ sales and investment performance and outweigh trade credit in predicting firms’ investments. Obtained findings convey important policy implications on the macro-management of informal short-term finance in the credit distress.