时间：12月3日下午2：00-3：30 地点：国家发展研究院小教室 演讲者：Prof. Qian Meijun From NUS Business School 题目：Understanding Informal Financing 摘要：This paper offers a framework to understand informal financing based on mechanisms to deal with asymmetric information and enforcement. We find that constructive informal financing such as trade credits and family borrowing that relies on information advantages or an altruistic relationship is associated with good firm performance. Underground financing such as money lenders who use violence for enforcement is not. Constructive informal financing is prevalent in regions where access to bank loans is extensive, while its role in supporting firm growth decreases with bank loan availability. Finally, similar relations exist in many large or fast growing emerging economies.