银行集中度、企业信贷与经济波动  

Bank Concentration, Firms' Credit and Economic Volatility

作　　者：谭之博[1] 赵岳[1] 

机构地区：[1]北京大学国家发展研究院中国经济研究中心

出　　处：《投资研究》2013年第1期15-28,共14页Review of Investment Studies

摘　　要：本文运用中国省级层面的面板数据,检验了银行集中度对于宏观经济和三次产业波动的影响。实证结果表明,银行集中度越高,外在冲击对于经济波动的影响越弱;这种作用主要体现在第二产业,尤其是工业。控制银行集中度后,金融发展因素不再显著。基于中国上市公司面板数据的分析表明,银行集中度越高,企业的长短期贷款占总资产的比重越小。高银行集中度对于企业信贷的抑制提供了银行集中度减缓外在冲击对于经济波动影响的微观基础。This paper tests the impact of bank concentration on macroeconomic and industrial volatility of three sectors. The empirical results show that higher bank concentration leads to weaker amplifying effect of external shock to macroeconomic and secondary industry volatility. The effects of financial development are no longer significant after the control of bank concentration. Moreover, we find that the higher the bank concentration is, the lower the ratio of firms＇ debt to asset is. The inhibiting effect of high bank concentration on firms＇ credit provides the micro foundation for the attenuating response of macroeconomic volatility to external shocks.

关 键 词：银行集中度 企业信贷 经济波动 

分 类 号：F832.4[经济管理—金融学] F124.8F224