资本流入、银行体系特征与企业信贷增长  

Capital Inflows,Banking Sector Characteristics and Corporate Credit Growth

作　　者：陈陶然[1] 黄烨菁[1] Chen Taoran;Huang Yejing

机构地区：[1]上海社会科学院世界经济研究所

出　　处：《世界经济研究》2021年第11期33-48,M0002,共17页World Economy Studies

基　　金：上海市2021年度“科技创新行动计划”软科学重点项目(项目编号:21692194100);上海市哲学社会科学基金规划办项目(项目编号:2018BJL001);上海社会科学院院课题项目的资助。

摘　　要：文章综合运用跨国宏观面板数据和企业层面微观数据,探究了资本流入与企业信贷增长、信贷过热的关系。从国家宏观层面的实证分析表明,资本流入显著推升了一国企业部门的信贷增长速度,并提高了其经历信贷过热的概率;而从企业层面的分析则为此提供了进一步支持,即资本流入显著加速了更依赖于外部融资的企业的信贷扩张。通过探讨净资产和抵押品价值扩张渠道以及银行体系特征的作用,文章发现银行体系特征而不是企业需求因素在上述关系中扮演了更加重要的角色。本研究对于有效预防信贷过热,防范金融风险具有重要政策含义。With the simultaneous use of cross-country macro-level and firm-level data,this paper investigates the associations between capital inflows and corporate credit growth and credit booms.Empirical analysis at the country level shows that capital inflows boost the corporate credit growth and bring about credit booms.Explorations at the firm level further corroborate the above findings:capital inflows increase the credit growth of firms that rely more on external financing.Further examinations of change in equity and collateral value channel and the role of banking sector characteristics in such linkages demonstrate that banking sector characteristics rather than demand factors contribute more to the above connections.The paper has rich policy implications for prerenting credit booms and financial crisis.

关 键 词：资本流入 企业信贷增长 银行体系特征 

分 类 号：F832.6[经济管理—金融学] F832.4F832.3