Abstract

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.

摘要

本研究考察了中小企业 (SME) 获得非正式短期借款的途径及其在信贷配给期内的表现。使用跨越 2011 年至 2014 年信贷危机之前、开始和期间的越南私营制造业中小企业的独特数据集，我们发现银行贷款在危机之前充当了非正式借款的替代品，但在危机期间起到了补充作用。与此同时，贸易信贷总是补充非正式借款，即使在危机持续时也是如此。非正式借款有助于提高中小企业的销售和投资业绩，并在预测公司投资方面胜过贸易信贷。获得的研究结果传达了对信贷困境中非正式短期融资宏观管理的重要政策含义。