银行管制放松、股份制银行扩张与企业融资约束——基于股份制银行市场准入放松的准自然实验  

Bank Deregulation, Joint-stock Banks’ Expansion and Enterprises’ Financing Constraints——Quasi Experiment Based on Market Access Relaxation of Joint-stock Banks

作　　者：崔喜君 孙灵燕[2,3] 刘金铃 Cui Xijun;Sun Lingyan;Liu Jinling

机构地区：[1]天津泰达实业集团有限公司资本事业部 [2]山东社会科学院财政金融研究所 [3]山东大学 [4]山东财经大学经济研究中心

出　　处：《经济动态与评论》2022年第1期147-164,225,226,共20页Review of Economic Trends

基　　金：国家社会科学基金项目“金融资源错配对我国制造业转型升级的影响及改革路径研究”(21BJY105);国家社会科学基金项目“企业技术创新中的融资渠道选择及效率优化研究”(14CJL014);山东省软科学重点项目“山东省金融支持企业科技创新的效果与政策体系构建研究”(2020RZC23004);山东社会科学院青年科研项目“新发展格局下金融资源错配影响制造业转型升级的效应及改革路径研究”(20211191120)的阶段性成果。

摘　　要：金融体制改革是中国经济发展过程中面临的重大挑战,也是构建金融有效支持实体经济体制机制的重要内容。本文基于2005~2017年中国283个地级市的面板数据,检验银行市场准入放松给股份制银行带来的外生冲击及一系列经济后果,运用双重差分法研究政策实施后,股份制银行数量扩张对企业融资约束产生的作用。研究发现,银行管制放松政策实施后,省会(首府)股份制银行扩张显著削弱了企业融资约束;从地域差异来看,东部地区和北上广深地区股份制银行扩张对企业融资约束的削弱效应较强;区分行业和所有制属性的结果显示,制造业企业和非国有企业的融资约束受股份制银行扩张的影响明显。The reform of financial system is not only a major challenge in the process of China’s economic development,but also an important content of building a financial system and mechanism to effectively support the real econo-my.Based on the panel data of 283 prefecture level cities in China from 2005 to 2017,this paper tests the exogenous impact of the relaxation of bank market access on joint-stock banks,and uses the double difference method to study the effect of the expansion of the number of joint-stock banks on enterprises’financing constraints after the implementation of the policy.The paper finds that after the implementation of the bank deregulation policy,the expansion of joint-stock banks in the provincial capital has significantly weakened the financing constraints of enterprises;From the perspective of regional differences,the expansion of joint-stock banks in the eastern region and the north,Shanghai,Guangzhou and Shenzhen region has a strong weakening effect on enterprise financing constraints;The results of distinguishing the attributes of industry and ownership show that the financing costs of manufacturing enterprises and nonstate-owned enterprises are obviously affected by the expansion of joint-stock banks.

关 键 词：银行管制放松 融资约束 连续双重差分模型 

分 类 号：F83[经济管理—金融学]