银行竞争有利于促进企业创新吗  

Is Banking Competition Good for Promoting Enterprise Innovation?

作　　者：陈容 张杰 Chen Rong;Zhang Jie

机构地区：[1]中国人民大学经济学院 [2]中国人民大学中国经济改革与发展研究院

出　　处：《宏观经济研究》2022年第9期120-140,共21页Macroeconomics

基　　金：中国博士后科学基金面上项目(2022M713444)的资助。

摘　　要：当前大中小银行体系主导的银行竞争格局,能否有效支撑微观企业创新,这是事关中国金融体制改革方向的核心问题,也是关乎中国企业自主创新能力能否得到提升的关键问题。本文基于中国大样本微观企业数据,利用允许中小商业银行设立异地分支机构政策构建合理的工具变量,得到的稳健性检验结果是:从总体层面来看,中国独特的大中小银行之间形成的竞争水平,对微观企业创新产生了显著的抑制效应。从机制角度来看,银行竞争对那些分布在对外融资依赖程度相对较高行业内的微观企业创新产生了显著的促进效应。这就说明中国情景下大中小银行之间竞争水平的强化,迫使银行机构倾向于支持那些分布在对外融资依赖程度相对较高行业内微观企业的创新。这些看似矛盾的经验发现,实质上可以通过中国情景下银行的异质性创新激励效应的理论假说加以解释。本文的一系列经验发现,既为银行机构主导的金融体系能否支持创新的理论争论增添了新证据,也为今后的中国金融供给侧结构性改革提供了重要的政策参考依据。Whether the current pattern of banking competition dominated by the large and small banking system can effectively support micro enterprises innovation is a core issue concerning the direction of China’s financial system reform and a key issue concerning whether Chinese enterprises’independent innovation capability can be enhanced.Based on a large sample of Chinese micro enterprises data,this paper constructs reasonable instrumental variables using the policy of allowing small and medium-sized commercial banks to set up off-site branches,and the robustness test results obtained are that,at the aggregate level,the level of competition formed between China’s unique large and small banks has a significant inhibitory effect on micro enterprises innovation.From the perspective of mechanism,bank competition has a significant promotion effect on micro enterprise innovation in industries with relatively high dependence on external financing.This suggests that the enhanced level of competition among small,medium,and large banks in the Chinese scenario forces banking institutions to support the innovation of micro enterprises located in industries with a relatively high dependence on external financing.These seemingly contradictory empirical findings can essentially be explained by the theoretical hypothesis of heterogeneous innovation incentive effects of banks in the China scenario.The empirical findings of this paper add new evidence to the theoretical debate on whether a banking institution-led financial system can support innovation and provide an important policy reference for future structural reform of China’s financial supply side.

关 键 词：银行竞争 企业创新 行业对外依赖程度 

分 类 号：F832.3[经济管理—金融学] F273.1