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1、FinancingFirmsinIndiaFranklinAllenRajeshChakrabartiSankarDeFinanceDepartmentFinanceAreaCentreforAnalyticalFinanceTheWhartonSchoolIndianSchoolofBusinessIndianSchoolofBusinessUniversityofPennsylvaniaHyderabad500032,IndiaHyderabad500032,Indiaallenf@wharton.upenn.edurajesh_chakrabarti@isb.eduS
2、ankar_De@isb.eduJun“QJ”QianMeijunQianFinanceDepartmentFinanceDepartmentCarrollSchoolofManagementNUSBusinessSchoolBostonCollegeNationalUniversityofSingaporeqianju@bc.edubizqmj@nus.edu.sgLastRevised:December2011Forthcoming,JournalofFinancialIntermediationAbstractWithextensivecross-countrydata
3、setsandIndiafirmsamples,aswellasourownsurveysofsmallandmediumfirms,weexaminethelegalandbusinessenvironments,financingchannels,andgrowthpatternsofdifferenttypesoffirmsinIndia.DespitetheEnglishcommon-laworiginandaBritish-stylejudicialsystem,Indianfirmsfaceweakinvestorprotectioninpracticeandpo
4、orinstitutionscharacterizedbycorruptionandinefficiency.Alternativefinance,includingfinancingfromallnon-bank,non-marketsources,andgenerallybackedbynon-legalmechanisms,constitutesthemostimportantformofexternalfinance.Bankloansprovidethesecondmostimportantexternalfinancingsource.Firmswithacces
5、stobankormarketfinancearenotassociatedwithhighergrowthrates.Ourresultsindicatethatbankandmarketfinanceisnotsuperiortoalternativefinanceinfast-growingeconomiessuchasIndia.Keywords:India,banks,markets,alternativefinance,growth.JELClassifications:O5;K0;G0.WeappreciatehelpfulcommentsfromGeorge
6、Pennacchi(editor),twoanonymousreferees,ReenaAggarwal,CharlesCalomiris,MihirDesai,JoshuaFelman,NandiniGupta,MuditKapoor,RaghuramRajan,StefanoRossi,AntoinetteSchoar,RohanWilliamson,LeslieYoung,andseminar/sessionparticipantsatBrandeis,ChineseUniversityofHongKong,Columbia,GothenbergUniversity,I
7、ndianSchoolofBusiness(ISB),MIT,NationalUniversityofSingapore,StockholmSchoolofEconomics,Wharton,theDarden-WorldBankconferenceonemergingmarkets,theEuropeanFinanceAssociationmeetings,andtheWesternFinanceAssociationmeetings.WearegratefultoGauravKhurana,Nare
