银行业改革、信贷筛选与配置效率  

Bank Reform, Credit Screening and Allocation Efficiency

作　　者：孙会霞[1] 陈栋[2] 陈运森[3] 

机构地区：[1]清华大学经济管理学院 [2]福州大学管理学院 [3]中央财经大学会计学院

出　　处：《投资研究》2013年第6期115-126,共12页Review of Investment Studies

基　　金：国家自然科学基金项目"卖空机制;融资成本和定价效率"(批准号71273150)

摘　　要：本文利用我国银行业改革的最新企业借款数据,从银行贷前筛选决策与贷后借款企业长期业绩表现两个角度检验了银行业改革对信贷资源配置效率的影响。实证结果发现:银行业经历了一系列的市场化改革后,贷前信贷决策与企业财务业绩、代理成本和商业信用等市场化指标的敏感度得到显著增强;从贷后借款企业的长期业绩表现来看,获得长期借款的企业样本未来两年的业绩表现要显著优于未获得长期借款的企业样本。本文的结果意味着商业银行在市场化改革过程中开始重视贷款企业的现状以及未来盈利能力,银行信贷配置效率随着银行业改革而得到了提高。This paper systematically investigates the effects of banking system reform on banks＇ credit allocation efficiency be- fore and after the loan by using the latest long-term loan data. The empirical result shows that bank lending decisions have be- come more commercially oriented after a series of market-oriented reforms, which are embodied in an improvement of statisti- cally significant sensitivities among bank credit decisions and firm performance, agency cost and business credit and so on. Findings also suggest that firms that received loans show a long term good performance than those not received. The result means that the banking system reform has led to positive impacts on the improvement of credit allocation efficiency.

关 键 词：银行业改革 筛选监督功能 信贷配置效率 

分 类 号：F832.3[经济管理—金融学] F832.4F224