数字金融与银行贷款合约--基于我国上市公司微观银行贷款数据的实证研究  

Digital Finance and Bank Loan Contract--Empirical Study Based on the Bank Loan Data of Listed Companies in China

作　　者：刘程 CHENG LIU(Dongguan School of Administration,Dongguan 523000,China)

机构地区：[1]东莞行政学院 [2]华南理工大学中国金融市场研究中心

出　　处：《产业经济评论》2022年第1期152-170,共19页Review of Industrial Economics

基　　金：国家社会科学基金重点项目“FinTech驱动金融市场结构演进、效率变迁及金融稳定性演化研究”(项目编号:19AJY025)阶段性成果。

摘　　要：近年来,国内传统银行体系正在面临着数字金融的巨大影响,那么数字金融如何影响我国商业银行贷款合约呢?本文使用2011-2019年我国上市公司新增单笔银行信贷数据,实证研究了我国地区数字金融的发展对商业银行贷款合约的影响。实证研究结果发现,随着地区数字金融的发展,商业银行倾向于向标的公司发放数额更大和期限更长的贷款,同时这些贷款的利率更低,贷款担保要求更为宽松。作用机制检验发现,数字金融的发展主要通过改善信息不对称和促进银行竞争的作用机制,从而影响银行贷款契约制定。异质性分析表明,中小银行的贷款合约制定受数字金融的影响较大,数字金融对银行贷款合约制定的作用在民营企业、高科技行业和制度环境较差地区表现得更为明显。本文从银行贷款合约制定的研究视角丰富了数字金融经济效应的相关研究,并为我国商业银行体系如何更好地服务实体经济提供了理论依据和政策参考。In recent years,the traditional banking system in China is facing the huge impact of financial technology,so how does financial technology affect the allocation efficiency of credit funds of commercial banks in China?Using the data of single new bank credit issued by listed companies in China from 2011 to 2019,this paper studies the impact of regional digital finance development on the allocation efficiency of credit funds.It is found that the development of regional digital finance does have a significant positive effect on the formulation of bank loan contracts.To be specific,with the development of regional digital finance,banks tend to extend credit with larger amount and longer loan term to target companies,with lower loan interest rate and looser loan guarantee requirements.The mechanism test shows that the development of digital finance affects the formulation of bank loan contracts and satisfies the financing needs of enterprises mainly through improving the mechanism of information asymmetry and promoting the competition of banks.The heterogeneity analysis shows that the loan contract formulation of small and medium-sized banks is greatly influenced by digital finance,and the effect of digital finance on the loan contract formulation of banks is more obvious in private enterprises,high-tech industries and regions with poor institutional environment.Finally,it is found that digital finance can significantly improve the degree of underinvestment of listed companies by influencing the channel of bank loan contract formulation,which indicates that the development of digital finance can help improve the efficiency of credit fund allocation,that is,digital finance can help the banking system to fully play its function of serving the real economy.This paper enriches the research on the economic effects of digital finance from the perspective of bank loan contract formulation,and provides theoretical basis and policy reference for China's commercial banking system to better serve the real economy.

关 键 词：数字金融 银行贷款 贷款合约 异质性分析 

分 类 号：F832.4[经济管理—金融学] F49