V. V. Acharya, H. Khandwala, and T. S. Oncü, The growth of a shadow banking system in emerging markets: Evidence from India, Journal of International Money and Finance, vol.39, issue.1, pp.207-230, 2013.
DOI : 10.1016/j.jimonfin.2013.06.024

M. Aglietta and G. Bai, La voie chinoise, capitalisme et empire, Odile Jacob, vol.2, pp.289-365, 2012.

L. Alfaro, S. Kalemli-ozcan, and S. Sayek, FDI, Productivity and Financial Development, World Economy, vol.62, issue.1, pp.111-135, 2009.
DOI : 10.1111/j.1467-9701.2009.01159.x

R. W. Anderson and C. Kegels, Transition banking: financial development of central and eastern europe. OUP Catalogue, 1998.

T. Andreyeva, Company Performance in Ukraine: What Governs its Success. EERC Working Paper Series 03-01e, EERC Research Network, Russia and CIS, vol.6, p.15, 2003.

M. Arellano and S. Bond, Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, The Review of Economic Studies, vol.58, issue.2, pp.277-97, 1991.
DOI : 10.2307/2297968

M. Arellano and O. Bover, Another look at the instrumental variable estimation of error-components models, Journal of Econometrics, vol.68, issue.1, pp.29-51, 1995.
DOI : 10.1016/0304-4076(94)01642-D

M. Baker, Qregpd: Stata module to perform quantile regression for panel data. Statistical Software Components, p.13, 2016.

J. R. Barth, G. C. Jr, and R. Levine, The Regulation and Supervision of Banks around the World: A New Database, Brookings-Wharton Papers on Financial Services, vol.2001, issue.1, 2001.
DOI : 10.1353/pfs.2001.0003

D. Begg and R. Portes, Enterprise debt and economic transformation (Financial restructuring of the state sector in Central and Eastern Europe), The Economics of Transition, vol.1, issue.1, pp.116-117, 1993.
DOI : 10.1111/j.1468-0351.1993.tb00073.x

A. Bénassy-quéré, M. Coupet, and T. Mayer, Institutional Determinants of Foreign Direct Investment, The World Economy, vol.41, issue.6, pp.764-782, 2007.
DOI : 10.1016/0022-1996(92)90050-T

B. A. Blonigen, A Review of the Empirical Literature on FDI Determinants, National Bureau of Economic Research, issue.6, 2005.

S. Bond, A. Hoeffler, and J. Temple, GMM Estimation of Empirical Growth Models, Economics Papers, issue.8, 2001.

E. Borensztein, J. D. Gregorio, and J. Lee, How does foreign direct investment affect economic growth?, Journal of International Economics, vol.45, issue.1, pp.115-135, 1998.
DOI : 10.1016/S0022-1996(97)00033-0

G. Boyreau-debray, Financial intermediation and growth -Chinese style, Policy Research Working Paper Series, vol.3027, 2003.
DOI : 10.1596/1813-9450-3027
URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.12.6340

G. Boyreau-debray and S. Wei, Pitfalls of a State- Dominated Financial System: The Case of China, National Bureau of Economic Research, issue.1, p.5, 2005.
DOI : 10.3386/w11214

H. Braconier, P. Norback, and D. Urban, Multinational enterprises and wage costs: vertical FDI revisited, Journal of International Economics, vol.67, issue.2, pp.446-470, 2005.
DOI : 10.1016/j.jinteco.2004.08.011

L. Branstetter and N. Lardy, China's Embrace of Globalization. NBER Working Papers 12373, National Bureau of Economic Research, p.18, 2006.

G. A. Calvo and J. A. , Credit Markets, Credibility, and Economic Transformation, Journal of Economic Perspectives, vol.5, issue.4, pp.139-148, 1991.
DOI : 10.1257/jep.5.4.139

L. K. Cheng and Y. K. Kwan, What are the determinants of the location of foreign direct investment? The Chinese experience, Journal of International Economics, vol.51, issue.2, pp.379-400, 2000.
DOI : 10.1016/S0022-1996(99)00032-X

M. D. Chinn and H. Ito, What matters for financial development? Capital controls, institutions, and interactions, Journal of Development Economics, vol.81, issue.1, pp.163-192, 2006.
DOI : 10.1016/j.jdeveco.2005.05.010
URL : https://minds.wisconsin.edu/bitstream/handle/1793/36202/chinn2005-007.pdf?sequence=1

S. Claessens, L. Ratnovski, and M. M. Singh, Shadow banking: economics and policy. Number 12, 2012.
DOI : 10.2139/ssrn.2187661

R. Cull, L. C. Xu, and T. Zhu, Formal finance and trade credit during China's transition, Journal of Financial Intermediation, vol.18, issue.2, 2007.
DOI : 10.1016/j.jfi.2008.08.004

D. Mello and L. R. , Foreign direct investment-led growth: evidence from time series and panel data, Oxford Economic Papers, vol.51, issue.1, pp.133-151, 1999.
DOI : 10.1093/oep/51.1.133

R. Desbordes and S. Wei, The effects of financial development on foreign direct investment, pp.14-22, 2014.

W. Dobson and A. K. Kashyap, The Contradiction in China's Gradualist Banking Reforms, Brookings Papers on Economic Activity, vol.37, issue.2 2, pp.103-162, 2006.

D. Dollar and S. Wei, Das (Wasted) Kapital: Firm Ownership and Investment Efficiency in China, IMF Working Papers, vol.079, issue.1, p.19, 2007.

M. Dooley, D. Folkerts-landau, and P. Garber, Direct investment, rising real wages and the absorption of excess labor in the periphery, Proceedings, issue.6, 2005.

J. Du and S. Girma, Finance and Firm Export in China, Kyklos, vol.73, issue.1, pp.37-54, 2007.
DOI : 10.2307/1911314

S. Estrin, J. Hanousek, J. Kocenda, and . Svejnar, Effects of Privatization and Ownership in Transition Economies, Policy Research Working Paper Series, vol.4811, issue.6, p.10, 2009.

M. Feldkircher, Bms and the fixed effects estimator -a tutorial, p.23, 2011.

M. Feldstein, Aspects of global economic intergration: Outlook for the future, National Bureau of Economic Research, vol.14, issue.19, p.22, 2000.
DOI : 10.3386/w7899

C. Fernández, E. Ley, and M. F. Steel, Model uncertainty in cross-country growth regressions, Journal of Applied Econometrics, vol.22, issue.5, p.23, 2001.
DOI : 10.1002/jae.623

T. Feyzioglu, N. Porter, and E. Takats, Interest Rate Liberalization in China, IMF Working Papers 09, 2009.

M. Firth, C. Lin, and S. M. Wong, Leverage and investment under a state-owned bank lending environment: Evidence from China, Journal of Corporate Finance, vol.14, issue.5, pp.642-653, 2008.
DOI : 10.1016/j.jcorpfin.2008.08.002

M. Funke, P. Mihaylovski, and H. Zhu, Monetary policy transmission in China: A DSGE model with parallel shadow banking and interest rate control. BOFIT Discussion Papers 9 Bank of Finland, Institute for Economies in Transition, p.18, 2015.

R. G. Gelos and S. Wei, Transparency and International Portfolio Holdings, The Journal of Finance, vol.2, issue.6, pp.2987-3020, 2005.
DOI : 10.1111/j.1540-6261.2005.00823.x

J. Gonzalez-garcia and F. Grigoli, State-Owned Banks and Fiscal Discipline, IMF Working Papers, vol.13, issue.206, p.10, 2013.
DOI : 10.5089/9781484392805.001

R. H. Gordon and W. Li, Taxation and economic growth in china Critical Issues in Chinas Growth and Development, p.40, 2005.

J. Hanousek, E. Kocenda, and J. Svejnar, Origin and Concentration: Corporate Ownership, Control and Performance, SSRN Electronic Journal, vol.15, issue.6, pp.1-31, 2007.
DOI : 10.2139/ssrn.733143

J. Hanousek, E. Kocenda, and J. Svejnar, Divestitures, privatization and corporate performance in emerging markets, Economics of Transition, vol.13, issue.448, pp.43-73, 2009.
DOI : 10.1111/j.1468-0351.2009.00334.x

A. E. Harrison and M. S. Mcmillan, Does direct foreign investment affect domestic credit constraints?, Journal of International Economics, vol.61, issue.1, pp.73-100, 2003.
DOI : 10.1016/S0022-1996(02)00078-8

O. Havrylyshyn and D. Mc-gettigan, Privatization in transition countries: Lessons of the first decade. International Monetary Fund -Economic Issues No, p.18, 1999.

K. Hayakawa, First Difference or Forward Orthogonal Deviation-Which Transformation Should be Used in Dynamic Panel Data Models?: A Simulation Study, Economics Bulletin, vol.29, issue.3 8, pp.2008-2017, 2009.

J. Héricourt and S. Poncet, FDI and Credit Constraints: Firm Level Evidence in China, SSRN Electronic Journal, vol.33, issue.18, pp.1-21, 2009.
DOI : 10.2139/ssrn.965375

J. Hoeting, D. Madigan, A. Raftery, and C. Volinsky, Bayesian model averaging: a tutorial, Statistical Science, vol.14, pp.382-401, 1999.

J. Ju and S. Wei, Domestic Institutions and the Bypass Effect of Financial Globalization, American Economic Journal: Economic Policy, vol.2, issue.4, pp.173-204, 2010.
DOI : 10.1257/pol.2.4.173

A. I. Khwaja and A. Mian, Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market, The Quarterly Journal of Economics, vol.120, issue.4, pp.1371-1411, 2005.
DOI : 10.1162/003355305775097524

Y. Kinoshita and N. F. Campos, Why does fdi go where it goes? new evidence from the transition economies, p.9, 2003.

J. Kornai, E. Maskin, and G. Roland, Understanding the Soft Budget Constraint, Journal of Economic Literature, vol.41, issue.4, pp.1095-1136, 2003.
DOI : 10.1257/jel.41.4.1095

P. Kowalski, M. Buge, M. Sztajerowska, and M. Egeland, State-Owned Enterprises: Trade Effects and Policy Implications, OECD Trade Policy Papers, vol.147, issue.10, 2013.
DOI : 10.1787/5k4869ckqk7l-en

P. Krugman, Will China break? The New York Times, 2011.

L. Porta, R. , F. Lopez-de-silanes, and A. Shleifer, Government ownership of banks, Journal of Finance, vol.57, issue.10, pp.265-301, 2002.
DOI : 10.3386/w7620

T. Li, Shadow banking in China: expanding scale, evolving structure, Journal of Financial Economic Policy, vol.6, issue.3, pp.198-211, 2014.
DOI : 10.1108/JFEP-11-2013-0061

W. L. Megginson, The economics of bank privatization, Journal of Banking & Finance, vol.29, issue.8-9, pp.1931-1980, 2005.
DOI : 10.1016/j.jbankfin.2005.03.005

E. Mileva, Using Arellano Bond Dynamic Panel GMM Estimators in Stata. Fordham University, 2007.

E. Moral-benito, Determinants of Economic Growth: A Bayesian Panel Data Approach, Review of Economics and Statistics, vol.87, issue.2, pp.566-579, 2012.
DOI : 10.1002/(SICI)1099-1255(199807/08)13:4<361::AID-JAE483>3.0.CO;2-1

A. Nicita and M. Olarreaga, Trade, Production, and Protection Database, 1976-2004, The World Bank Economic Review, vol.21, issue.1, pp.165-171, 1976.
DOI : 10.1093/wber/lhl012
URL : http://wber.oxfordjournals.org/cgi/content/short/lhl012v1

E. Papaioannou, What drives international bank flows? Politics, institutions and other determinants, Working Paper Series, vol.0437, p.18, 2005.
DOI : 10.1016/j.jdeveco.2008.04.001
URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.583.9975

E. C. Perotti, Bank lending in transition economies, Journal of Banking & Finance, vol.17, issue.5, pp.1021-1032, 1993.
DOI : 10.1016/0378-4266(93)90069-P
URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.202.2146

S. Poncet, W. Steingress, and H. Vandenbussche, Financial constraints in China: Firm-level evidence, China Economic Review, vol.21, issue.3, pp.411-422, 2010.
DOI : 10.1016/j.chieco.2010.03.001

R. G. Rajan and L. Zingales, Financial Dependence and Growth, American Economic Review, vol.88, issue.15, pp.559-86, 1998.
DOI : 10.3386/w5758

R. Ramamurti, Why haven't developing countries privatized deeper and faster?, World Development, vol.27, issue.1, pp.137-155, 1999.
DOI : 10.1016/S0305-750X(98)00131-4

G. Roland, On the Speed and Sequencing of Privatization and Restructuring. CEPR Discussion Papers 942, C.E.P.R. Discussion Papers, p.18, 1994.

D. Roodman, How to do Xtabond2: An Introduction to Difference and System GMM in Stata, SSRN Electronic Journal, vol.103, issue.8, p.9, 2006.
DOI : 10.2139/ssrn.982943

D. Roodman, A Note on the Theme of Too Many Instruments, Oxford Bulletin of Economics and Statistics, vol.16, issue.1, pp.135-158, 2009.
DOI : 10.1111/j.1468-0084.2008.00542.x

P. A. Ruud, An Introduction to Classical Econometric Theory, p.11, 2000.

X. Sala-i-martin, G. Doppelhofer, and R. I. Miller, Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach, American Economic Review, vol.94, issue.4, pp.813-835, 2004.
DOI : 10.1257/0002828042002570

P. Sapienza, The effects of government ownership on bank lending, Journal of Financial Economics, vol.72, issue.2, pp.357-384, 2004.
DOI : 10.1016/j.jfineco.2002.10.002

Z. Song, K. Storesletten, and F. Zilibotti, Growing Like China, American Economic Review, vol.101, issue.1, pp.196-233, 2011.
DOI : 10.1257/aer.101.1.196

Z. Song, K. Storesletten, and F. Zilibotti, Growing (with Capital Controls) like China, IMF Economic Review, vol.6, issue.1, pp.327-370, 2014.
DOI : 10.1146/annurev-economics-080213-041050
URL : http://www.zora.uzh.ch/99353/1/IMF_140606_final.pdf

M. Soto, System GMM Estimation With A Small Sample. UFAE and IAE Working Papers 780.09, Unitat de Fonaments de l'Anlisi Econmica (UAB) and Institut d'Anlisi Econmica (CSIC), 2009.

S. Wei, How Taxing is Corruption on International Investors?, Review of Economics and Statistics, vol.82, issue.1, pp.1-11, 2000.
DOI : 10.1016/0022-1996(92)90050-T
URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.561.2674

S. Wei and Y. Wu, Negative Alchemy? Corruption , Composition of Capital Flows, and Currency Crises, NBER Working Papers National Bureau of Economic Research, vol.8187, p.18, 2001.
DOI : 10.3386/w8187

Y. Wei and X. Liu, Productivity spillovers from R&D, exports and FDI in China's manufacturing sector, Journal of International Business Studies, vol.2, issue.4, pp.544-557, 2006.
DOI : 10.1080/14765280310001631381

F. Windmeijer, A finite sample correction for the variance of linear efficient two-step GMM estimators, Journal of Econometrics, vol.126, issue.1, pp.25-51, 2005.
DOI : 10.1016/j.jeconom.2004.02.005

S. Zeugner, Bayesian Model Averaging with BMS, p.23, 2011.

M. Harrison, G. Du, and . Alfaro, ); (ii) thus, inward FDI can be slowed if SOEs are more financed to the detriment of private firms (it is the focus of this article); (iii) inward FDI are also financed by the foreign country and are a means for private firms to bypass local credit constraints (Héricourt and Poncet, 2003.