银企共生共荣了吗——基于我国利率市场化改革的实证研究  

Is There A Symbiosis between Banks and Enterprises——An Empirical Study on Interest Rate Liberalization in China

作　　者：张国法[1] 苏文兵[1] 张润驰 ZHANG Guo-fa;SU Wen-bing;ZHANG Run-chi(Business School,Nanjing University,Nanjing 210093;School of Economics,Nanjing University of Posts and Telecommunications,Nanjing 210023,China)

机构地区：[1]南京大学商学院,江苏南京210093 [2]南京邮电大学经济学院,江苏南京210023

出　　处：《山西财经大学学报》2021年第10期43-55,共13页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71832006)

摘　　要：从企业信贷可获得性和经营业绩两个视角,实证检验近十年来(2007—2018年)利率市场化改革是否促进了银行与企业共生共荣。研究发现:从先验角度看,随着利率市场化的推进,企业信贷可获得性增加,且金融发展水平较低地区上市公司的信贷融资改善状况更明显;信贷融资"规模歧视"有所缓解,但"所有权歧视"依然存在;从后验角度看,信贷资金增量有助于提升企业经营业绩,但主要体现在金融发展水平较高地区和长期信贷资金增量上,说明全社会信贷资金配置效率有待提升。银行长期稳健发展基础亟需夯实,即风险溢价要能覆盖成本,这样才能实现金融部门与实体经济良性互动。Based on the perspectives of enterprise credit availability and operation performance,the paper empirically tested if interest rate liberalization reform had contributed to the symbiosis between banks and enterprises during recent ten years(2007-2018).The research found that,from a priori angle,the advance of interest rate liberalization had increased the availability of enterprise credit.Meanwhile,the credit financing of the listed companies located in less-developed areas had more improvements.Moreover,although the“scale discrimination”of credit financing had been reduced to some extent,“ownership discrimination”still existed.From a posterior angle,the increments of credit funds was conducive to the improvement of corporate operation performance,and the effect mainly existed in developed areas and reflected in the increments of long-term credit funds.The findings reflected that,the allocation efficiency of credit funds in China had to be further improved.In addition,the foundation of banks’long-term prudent development need to be consolidated,that is,risk premium had to cover the cost,so as to realize a positive interaction between financial sectors and real economy.

关 键 词：利率市场化 信贷融资 经营业绩 银企共生 区域金融发展 

分 类 号：F832[经济管理—金融学] F279.2