银行业市场结构、融资依赖与中国制造业企业进入——最优金融结构理论视角下的经验分析  

Banking Market Structure,Financial Dependence and Firm Entry——Empirical Research from the Perspective of Optimal Financial Structure Theory

作　　者：吴晗[1] 段文斌[2] 

机构地区：[1]南开大学经济学院 [2]南开大学经济学院经济系

出　　处：《财贸经济》2015年第5期72-83,共12页Finance & Trade Economics

基　　金：中央高校基本科研业务费专项资金(NKZXA1402)的资助

摘　　要：本文以最优金融结构理论为视角,构建理论和实证模型探讨银行业市场结构与企业进入之间的内在联系。首先,本文建立理论模型着重研究银行业市场结构影响企业进入的微观机制,得出假说:中小银行市场份额的提升可以有效地缓解中小企业进入市场面临的融资约束,有利于中小企业进入市场。然后,本文利用2005—2009年中国工业企业数据库整理出我国30个地区24个行业的大中小规模企业进入数据,运用双向固定效应模型对其进行实证检验。结果表明中小银行的发展有利于中小企业进入市场,对大规模企业进入无显著影响;而在银行业结构不变的情况下,银行业规模扩大对大规模企业进入具有明显的促进作用,对中小企业进入并无显著影响。本文的政策含义是,提高中小银行市场份额、推动国有银行业务体系改革应是促进中小企业进入市场的重要政策内容。Based on the perspective of Optimal Financial Structure, this paper explores the impact of banking market structure on firm entry by constructing the theoretical and empirical models. At first, this paper constructs a theoretical model about the microeconomic mechanism of how the banking market structure affects firm entry, drawing a conclusion that improving the market share of small and medium- sized banks can effectively relief the financial constraints when they enter the market. Then, this paper processes different-sized firms＇ entry data across 30 provinces and 24 industries in China from industrial enterprises database（2005--2009） and uses Two-way FE Model to conduct empirical research, testing the theoretical conclusions. It shows that the development of small and medium-sized banks promotes the entry of SMEs, and has no significant effect on the entry of large-sized firms; but the expansion of banking sector promotes the entry of large size enterprises, and has no significant effect on the entry of SMEs. The policy implication is that, compared with enlarging the scale of the banking sector, the development of small and medium-sized banks and business system reform of state-owned banks should be an important content of the policy of promoting small and medium-sized enterprises to enter the market.

关 键 词：银行业市场结构 中小银行 企业进入 融资依赖 

分 类 号：F425[经济管理—产业经济] F832.4