银行业结构、融资依赖与行业生产率——基于异质性企业动态视角  

Banking Structure,Financing Dependence and Industry Productivity:Based on the Perspective of Heterogeneous Enterprise Dynamic

作　　者：吴晗[1] WU Han(Qingdao Central Sub-branch, People＇s Bank of China, Qingdao, 2660)

机构地区：[1]中国人民银行青岛中心支行

出　　处：《中国经济问题》2017年第4期77-87,共11页China Economic Studies

摘　　要：本文基于异质性企业动态视角,并结合最优金融结构理论剖析银行业结构对行业生产率的影响及其影响机制。首先,本文利用1999-2011年中国制造业企业数据,刻画制造业四分位行业的生产率水平,验证了中小银行的发展通过改善信贷资源配置状况,显著地促进行业生产率的增长。然后,本文通过分解行业生产率,揭示银行业结构促进行业生产率增长的作用机制。研究发现中小银行的发展主要通过在位企业生产率增长和企业进入的途径提升行业生产率,对在位企业间市场份额再配置效应影响较小,而对企业退出的生产率贡献更无显著影响。Based on the perspective of heterogeneous enterprise dynamics, combining with the New Structural Economics theory, this paper, using 1999-2007 Chinese manufacturing firm data to calculate the industry productivity, shows that the de- velopment of small and medium-sized banks promotes the industry productivity by impacting the credit allocation between firms effectively. Then this paper reveals the mechanism behind the impact of banking market structure on the industry productivity. The research finds that the development of small and medium-sized banks helps improve firm productivity mainly by enhancing incumbent firms＂ productivity and promoting firm entry, but the development of small and medium-sized banks only has a small impact on the share increase of eneumbent firms and no significant effect through firm exit.

关 键 词：银行业结构 中小银行 融资依赖 企业动态 行业生产率 

分 类 号：F424[经济管理—产业经济] F832