银行业竞争对企业投融资期限错配的影响研究  

The Impact of Banking Competition on Firm Investment and Financing Maturity Mismatch

作　　者：李明明[1] 刘海明[1,2] Li Mingming;Liu Haiming(School of Finance,Shandong University of Finance and Economics;Economic Research Center,Shandong University of Finance and Economics)

机构地区：[1]山东财经大学金融学院 [2]山东财经大学经济研究中心

出　　处：《国际金融研究》2022年第7期68-76,共9页Studies of International Finance

基　　金：泰山学者专项工程项目“政策协调视角下宏观经济政策微观效果研究”(tsqn201909135);泰山学者专项工程项目“人民币国际化及其风险管理”(ts201712059);山东省自然科学基金项目“宏观经济因素对城投债发行规模的影响研究”(ZR2020QG053);山东省高等学校青创科技计划“金融业开放与民营企业发展”(2019RWE004)资助。

摘　　要：本文实证检验了银行业竞争对企业投融资期限错配的影响,发现银行业竞争程度的提高会降低投融资期限错配程度。异质性分析发现,对于中小企业、民营企业、成长性高的企业以及所在地区政府干预程度高的企业而言,银行业竞争降低投融资期限错配的作用更为显著。银行业竞争能够缓解投融资期限错配带来的投资不足问题和代理问题,减少投融资期限错配对公司绩效的负面影响。本文结果表明,银行业竞争程度的提高能够产生客户争夺效应和新型代理成本效应,进而影响投融资期限错配。In China,commercial banks’preference for short-term loan origination always forces enterprises to use short-term loans to support long-term investments,thus creating Investment and Financing Maturity Mismatch(IFMM for abbreviation hereafter)in a firm.In recent years,many firms with IFMM cannot roll over their short-term loans and get into financial difficulties.How to resolve the loan renewal difficulty or IFMM problem has become an important issue.This paper will analyze whether changing banking competition can help resolve the IFMM problem.Theoretically,banking competition has three-fold effects on IFMM,namely,the client competition effect,the traditional agency cost effect,and the new agency cost effect.The paper testifies how banking competition affects the extent and the results of IFMM,by using data for listed companies from 2003 to 2019 and employing the fixed effect model.The results show that more banking competition will decrease IFMM.From heterogeneous side,the impact of banking competition on IFMM is more pronounced for small firms,non-state-owned firms,firms with more growth opportunities and firms located at regions with more government intervention.Besides,more banking competition will mitigate the under-investment and agency problems brought by IFMM and also the negative effect of IFMM on firm performance.This paper shows that,banking competition will give rise to client competition effect and new agency cost effect.It mitigates IFMM and decreases its negative effect.The marginal contributions of this paper are as follows.Firstly,it adds to the evidence on the impact of banking competition on micro firms.Previous research focuses on how banking competition affects the financial constraint and debt maturity of firms,while this paper concentrates on the impact on IFMM.This paper also shows that the new agency cost effect dominates the traditional agency cost effect in the new sample period.Secondly,it expands the research on IFMM.Unlike previous studies that analyzed the effects of monetary policy

关 键 词：银行业竞争 投融资期限错配 企业融资 客户争夺效应 代理成本效应 

分 类 号：F832[经济管理—金融学]