Growth, institutions, and entrepreneurial finance in China: a survey

Milana, Carlo; Wu, Harry X.

doi:10.1002/jsc.1897

Cited by 8 publications

(8 citation statements)

References 121 publications

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“…As has been argued by Balkenhol ( 2007 ), effi ciency should be regarded MFIs have been increasingly pushed by donors to improve their effi ciency and productivity. Th e importance of effi ciency in management control is well documented ( Yahagi, 1995 ;Milana and Wu, 2012 ;Périlleux et al ., 2012 ;Périlleux, 2013 ). Recent empirical evidence shows that MFIs as a whole are becoming more effi cient over time ( Caudill et al ., 2009 ).…”

Section: Pakistan Institute Of Development Economics Pakistanmentioning

confidence: 99%

Does Efficiency Lead to Lower Prices? A New Perspective from Microfinance Interest Rates

2015

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Pricing is a central strategic decision for all companies, and is particularly sensitive for social enterprises with both financial and social objectives. High interest rates in microfinance are a topic of intense debate. Using an original database of 291 MFIs, this paper provides empirical evidence of the impact the efficiency of an MFI has on its microcredit interest rate. We use the non‐parametric Data Envelopment Analysis (DEA) framework to calculate efficiency and differentiate financial and social efficiency. The results show that financial efficiency has a positive impact on interest rates, with more financially efficient MFIs having lower interest rates, while social efficiency has no impact on microcredit interest rates.

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Section: Pakistan Institute Of Development Economics Pakistanmentioning

confidence: 99%

Does Efficiency Lead to Lower Prices? A New Perspective from Microfinance Interest Rates

2015

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“… JEL classification codes: E44, F21, F32, F43, O16. This article complements the literature survey on growth, institutions, and entrepreneurial finance in China published in this journal by Milana and Wu (2012). Other closely related articles in this journal have been published by Kianfar et al.…”

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confidence: 67%

“…The constitution of sovereign funds and accumulation of international reserves have been made possible through mechanisms that have been described in a previous survey article in this journal (Milana and Wu, 2012). The exporters are obliged by regulation and law to convert their earnings gained abroad (normally denominated in US dollars) into accounts in domestic currency (the renminbi ).…”

Section: Financial Repression and Its Negative Effects On Private Entmentioning

confidence: 99%

Fostering Entrepreneurship in China: A Survey of the Economic Literature

Milana

Wang

2013

Strategic Change

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The economic literature can help us find how to foster entrepreneurship in China in order to ensure a sustainable economic growth. Someone asked Confucius ‘Why do you not take part in government?’ The Master replied: ‘The Book of History says, Oh! Simply by being a good son and friendly to his brothers, a man can exert an influence upon government.” In so doing a man is, in fact, taking part in government.’ (Confucius, The Anaclets, II.21. Translated by D.C. Lau, 1979) Zeal without knowledge is the sister of folly. (John Davies of Hereford, The Scourge of Folly, 1611)

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“…However, issues related to entrepreneurial finance in China remain underexplored. Existing studies on the topic focus primarily on the effect of entrepreneurial finance on firm growth (e.g., Huang et al, 2015) and economic growth (e.g., Mi and Xie 2009;Milana and Wu 2012). Few studies have been undertaken to identify how entrepreneurial financiers select investment projects, how well they perform in promoting innovation and firms' internationalization, and what, if any, implications these may have for institutional bodies, including international policy-makers that seek to further promote innovation.…”

Section: Introductionmentioning

confidence: 99%

Financing Innovation in the Yangtze River Economic Belt: Rationale and Impact on Firm Growth and Foreign Trade

Cheng

Wei

2017

Canadian Public Policy

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Le rô le de plus en plus important que jouent les intermédiaires dans la promotion de l'innovation et de l'internationalisation des entreprises donne lieu à un nombre croissant d'études. La Chine a subi des pressions croissantes pour s'intéresser de plus près aux finances des entreprises et favoriser l'innovation. On sait toutefois peu de choses sur les activités des financiers entrepreneuriaux et leurs performances en Chine. En se basant sur les activités de ces financiers dans la zone économique du delta du Yangzi, les auteurs de cet article examinent comment ces derniers choisissent leurs projets et évaluent le succès qu'ils obtiennent. Les résultats montrent que des financiers agissent à l'intérieur du système financier pour favoriser l'innovation dans les entreprises ; ils ont tendance à se concentrer sur les technologies, et les plus importants ne sont pas les mêmes aux différents stades de développement technologique. Avec le soutien des financiers, les entreprises où des investissements sont faits maintiennent généralement un solide rythme de croissance, mais le commerce international dans les secteurs étudiés n'a pas beaucoup augmenté et a parfois même baissé. Les auteurs concluent en faisant des propositions en matière de développement industriel et international. Mots clés : finances entrepreneuriales, innovation, croissance des entreprises, commerce extérieur, zone économique du delta du YangziThe increasingly large role of financial intermediaries in promoting firms' innovation and internationalization has led to great research interest. China has faced mounting pressure to take entrepreneurial finance and innovation seriously. Little is known about entrepreneurial financiers' activities and performance. Focusing on entrepreneurial financiers' activities in the Yangtze River Economic Belt, this study investigates how they select projects and how well they perform in China. Evidence shows that various financiers serve in the financial system to nurture innovative entrepreneurial activities; they tend to focus on technology, and the major financiers vary with stage of industrial technological development. With the support of entrepreneurial finance, the invested firms in general maintain a sound growth momentum, but the foreign trade of relevant industries has not significantly increased and has even declined. The implication for industrial and international development policy is discussed.

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Growth, institutions, and entrepreneurial finance in China: a survey

Abstract: Recent studies confirm that financial support for innovative entrepreneurial firms is important for sustainable productivity growth in China and for a rebalanced global economy.

Cited by 8 publications

References 121 publications

Does Efficiency Lead to Lower Prices? A New Perspective from Microfinance Interest Rates

Does Efficiency Lead to Lower Prices? A New Perspective from Microfinance Interest Rates

Fostering Entrepreneurship in China: A Survey of the Economic Literature

Financing Innovation in the Yangtze River Economic Belt: Rationale and Impact on Firm Growth and Foreign Trade

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