Title :
The Role of Xinyong in the External Financing Performance
Author_Institution :
Sch. of Int. Bus., Beijing Language & Culture Univ., Beijing, China
Abstract :
This paper seeks to illustrate the role of Xinyong in external financing performance of firms in clusters and to explore how Xinyong reduces the information asymmetry between banks and firms to help family firms get good external financing performance. Using survey data from a sample of 194 firms from Yangtze River Delta region, we demonstrate that Xinyong has a positive impact on financing efficiency. Further, institutional support positively moderates the link between Xinyong and external financing efficiency. Theoretical and managerial implications are discussed.
Keywords :
banking; financial management; Xinyong; bank; external financing performance; information asymmetry; interfirm management; Finance; Industries; Marketing and sales; Organizations; Supply chains; Technological innovation;
Conference_Titel :
Management and Service Science (MASS), 2011 International Conference on
Conference_Location :
Wuhan
Print_ISBN :
978-1-4244-6579-8
DOI :
10.1109/ICMSS.2011.5998538
