跨境资本流动、银行竞争与出口企业风险承担  

Cross-Border Capital Flows, Banking Competition and Risk-Taking of Export Enterprises

作　　者：顾海峰[1] 卞雨晨 Gu Haifeng;Bian Yuchen(Glorious Sun School of Business and Management,Donghua University)

机构地区：[1]东华大学旭日工商管理学院

出　　处：《国际金融研究》2022年第11期64-74,共11页Studies of International Finance

基　　金：教育部人文社会科学研究规划基金项目“跨境资本流动对商业银行信贷风险的影响机理及政策研究”(20YJA790014)资助。

摘　　要：跨境资本流动引发的信贷扩张效应加剧了银行业竞争,从而对出口企业生产经营产生影响。本文选取2011—2020年中国2590家出口企业年度数据为样本进行实证分析。结果表明:跨境资本流动对出口企业风险承担具有抑制作用,并且该影响主要来自跨境资本对货币、存贷款及贸易信贷的投资,而跨境资本证券投资规模增加反而会加剧出口企业风险承担。异质性检验表明:跨境资本流动对出口企业风险承担的抑制作用在非国有、高杠杆率及中西部地区出口企业更加明显。机制检验发现:银行竞争引发的出口企业商业信用错配、债务成本及融资约束效应在跨境资本流动与出口企业风险承担的关系中承担着多重中介作用,而出口价格与贸易自由度提高均会增加跨境资本流动对出口企业风险承担的抑制效果。Capital account liberalization has led to an increase in the scale of cross-border capital flows in China, and the resulting credit expansion has intensified the competition in the banking sector, thus affecting the operation of export enterprises.This paper constructs a panel regression model to conduct an empirical analysis on the impact of cross-border capital flows on risk-taking of export enterprises and its mechanism with annual data of 2590 export enterprises in China from 2011 to 2020.The results show that the cross-border capital flows have an inhibitory effect on the risk-taking of export enterprises, and this inhibitory effect is mainly from the cross-border capital investment in currency, deposit and loan and trade credit, while the increase of cross-border capital portfolio investment will aggravate the risk-taking of export enterprises. The heterogeneity test shows that the inhibitory effect of cross-border capital flows on risk-taking of export enterprises is more significant in nonstate-owned export enterprises, high leverage ratio export enterprises and export enterprises in central and western regions. The mechanism test shows that the commercial credit mismatch, debt cost and financing constraint effect caused by banking competition play multiple mediating roles in the relationship between cross-border capital flows and risk-taking of export enterprises.Both increased export prices and trade freedom intensify the inhibitory effect of cross-border capital flows on the risk-taking of export enterprises.This paper provides theoretical support and policy reference for the scientific design of capital account liberalization and the realization of high-quality development of Chinese export enterprises, provides a new perspective for investigating the impact of cross-border capital flows on the enterprise sector, and provides a policy basis for preventing the impact of trade frictions on the security of export enterprises.

关 键 词：跨境资本流动 出口企业风险承担 银行竞争 出口价格 贸易自由度 

分 类 号：F830[经济管理—金融学] F279