银行集中度、企业规模与信贷紧缩  

Bank Concentration,Firm Size and Credit Crunch

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,北京100871

出　　处：《金融研究》2013年第10期28-41,共14页Journal of Financial Research

基　　金：北京大学研究生院的资助

摘　　要：本文基于36国企业调查数据和24国上市公司数据,运用Probit模型和工具变量回归,研究了银行集中度对金融危机后企业信贷紧缩的影响。结果表明,银行集中度越高,小企业出现信贷增长的概率越低,信贷紧缩的幅度越大,而大企业恰好相反。并且,银行集中度越高,大企业股价下跌幅度越小。上述结果在排除金融危机原发国的样本中保持稳健。本文为各国结合自身银行业结构,针对不同企业采取不同的危机缓解措施,提供了启示。Based on 36 countries＇ firm - level survey and 24 countries＇ data about listed firms, this paper inves- tigates the effects of bank concentration on firms＇ credit crunch after financial crisis, using Probit model and IV methods. We show that in terms of both probability and magnitude of credit growth, bank concentration＇s im- pacts on small firms are negative. The opposite applies to large firms. Moreover, there exists a positive link be- tween bank concentration and change of stock price, which provides complementary evidence for above relation- ship. These results remain robust in the sample with exclusion of core countries in which the financial crisis broke out. The paper highlights the importance of discretionary policy for different types of firms with considera- tions of a country＇s specific bank market structure.

关 键 词：银行集中度 企业规模 信贷紧缩 

分 类 号：F832.4[经济管理—金融学] F279.2F224