中资银行国际化、金融监管与国际贸易  

Internationalization of Chinese Banks, Financial Supervision and International Trade

作　　者：徐星美 许荣[2,3,4] Xu Xingmei;Xu Rong(International College,Renmin Universtiy of China;School of Finance,Renmin University of China;Chinese Financial Policy Research Center,Renmin Universtiy of China;Insurance Research Center,Renmin Universtiy of China)

机构地区：[1]中国人民大学国际学院(苏州研究院) [2]中国人民大学财政金融学院 [3]中国财政金融政策研究中心 [4]中国人民大学保险研究所

出　　处：《国际金融研究》2022年第2期3-12,共10页Studies of International Finance

基　　金：教育部人文社会科学研究青年基金项目“机构投资者调研与盈余管理:理论机理与实证研究”(18JYC630215);教育部人文社会科学研究项目“高校科研向企业创新的溢出效应评估与影响机制研究”(20YJA790086);中国人民大学“中央高校建设世界一流大学(学科)和特色发展引导专项资金”(KYGJD2021001)资助。

摘　　要：本文利用1998—2016年中资银行国际化事件和中国同174个经济体间的双边贸易往来数据,采用双重差分法实证研究中资银行国际化对母国与东道国贸易地理分布的真实效应。结果表明:第一,中资银行国际化的空间结构和密度布局对母国与东道国的贸易往来产生正向影响。第二,对东道国金融监管水平的研究表明,东道国内部监管强度和外部治理强度对银行国际化与贸易往来的关系产生负向调节作用。第三,异质性检验显示,较之于中间品样本组,对信息融合需求更高的最终品样本组中,银行国际化促进贸易往来的效应更加显著。本文从理论上为全面理解中资银行国际化与国际贸易的互动机制提供经验证据,从实务上为当前逆全球化和贸易保护主义背景下利用金融机构国际化促进国际贸易发展提供政策参考。Based on the data of internationalization of Chinese banks and bilateral trade between China and 174 economies from 1998 to 2016, this paper uses the difference-in-difference method to investigate the real effect of internationalization of Chinese banks on the geographical distribution of trade between home and host countries. The results show that the spatial structure and density of Chinese banks internationalization have positive effects on the trade between home countries and host countries, which are robust after the common trend test, counterfactual test, using instrument variable method and considering the policy effect of the Belt and Road Initiative. Further research shows that, both the strength of internal supervision and external governance of the host country have negative effects on the trade effect of bank internationalization. The heterogeneity test shows that compared with the intermediate sample group, the effect of bank internationalization on promoting trade is more significant in the final sample group with higher requirements for information. The conclusion provides empirical evidence for a comprehensive understanding of the influencing factors of China’s international trade and the complex interaction mechanism between the internationalization of Chinese banks and international trade, and provides policy reference for how to use the internationalization of financial institutions to promote the development of international trade under the background of rising trade protectionism in practice as well.

关 键 词：中资银行 国际化 国际贸易 监管强度 信息渠道 

分 类 号：F832[经济管理—金融学]