分支机构空间分布、银行竞争与企业债务决策  

Branch Geographical Distribution,Bank Competition and Firm Leverage

作　　者：李志生[1] 金凌 孔东民[1] LI Zhisheng;JIN Ling;KONG Dongmin(School of Finance,Zhongnan University of Economics and Law)

机构地区：[1]中南财经政法大学金融学院,430073

出　　处：《经济研究》2020年第10期141-158,共18页Economic Research Journal

基　　金：国家社科基金重大项目(19ZDA061);国家自然科学基金项目(71771217)的资助。

摘　　要：自2006年监管部门调整商业银行分支机构市场准入政策以来,我国银行分支机构数量和空间分布发生了明显变化,银行竞争日渐加剧。本文利用2000—2012年国家统计局工业企业数据,以周边银行分支机构数量衡量企业所面临的真实银行竞争水平,研究银行竞争对企业债务决策的影响。结果表明:企业周边银行分支机构数量的增加显著提高了企业负债水平,有利于优化企业资本结构;银行竞争对企业负债的影响更多体现在“好的杠杆”上,有效提升了信贷资源配置效率。进一步研究发现,银行分支机构数量的增加主要通过市场机制缓解企业融资约束,进而提高了杠杆率,同时也在一定程度上阻碍了关系借贷。因此,我国在推进结构性去杠杆、改善信贷资源分配效率的进程中,在做好宏观调控政策精准发力的同时,也应高度重视银行竞争生态的建设和完善,充分发挥市场机制的作用。As China's economy is transitioning from high-speed growth to high-quality growth,it is very important to improve credit resource allocation efficiency at the macro level and fund utilization efficiency at the micro level.Due to soft budget constraints and government concerns about economic instability,large amounts of credit resources flow into zombie firms and weak firms to ensure stable employment and local tax revenue.The privileging of zombie firms distorts credit allocation and crowds out credit to healthier and more productive firms.This structural problem of credit resource allocation seriously hinders the process of China's high-quality development.In contrast to other developed and emerging economies,China's financial system is dominated by a large but undeveloped banking sector.According to statistics from the People's Bank of China,bank loans accounted for 64.94%of social financing in 2019.Since the 1980s,China's banking system has been under reform as part of the economic opening-up policies.In the past,the big five state-owned commercial banks dominated China's banking market,with more than 70%of the total lending business,and the establishment of branches by joint equity banks and local commercial banks was strictly regulated.In the last two decades,China's banking system has undergone significant changes,allowing joint equity banks and local commercial banks to operate more like their state-owned counterparts.In 2006 and 2009,China's Banking Regulatory Commission relaxed the entry restrictions on opening new branches for joint equity banks and local commercial banks.The number of branches and the market share of joint equity banks and local commercial banks have been increasing significantly following this deregulation,which has enhanced bank competition and banks'ability to support economic development.In this paper,we investigate how changes in bank geographical distributions and increased bank competition affect firms'leverage decisions.We use the number of bank branches within a certain radius

关 键 词：银行竞争 银行分支机构空间分布 杠杆率 资本结构 

分 类 号：F425[经济管理—产业经济] F832F406.7