城市商业银行跨区经营与僵尸企业“去杠杆”  

Cross-regional Operation of Urban Commercial Banks and "De-Leveraging" of Zombie Enterprises

作　　者：徐辉 铁心蕊[3] XU Hui;TIE Xin-rui(Post-Doctoral Research Center of Bank of Chongqing,Chongqing,China,400024;Research Center for Economy of Upper Reaches of the Yangtze River,Post-Doctorate R&D Base of Chongqing Technology and Business University,Chongqing,China,400067;School of Accounting,Chongqing Technology and Business University,Chongqing,China,400067)

机构地区：[1]重庆银行博士后科研工作站,重庆400024 [2]重庆工商大学长江上游经济研究中心博士后科研流动站,重庆400067 [3]重庆工商大学会计学院,重庆400067

出　　处：《财经理论研究》2022年第5期39-49,共11页Journal of Finance and Economics Theory

基　　金：重庆市社会科学规划项目(2021BS046);中国博士后面上资助基金项目(2021MD703931);重庆市自然科学基金项目(cstc2021jcyj-bshX0186);重庆市教委人文社会科学一般项目(21SKGH107);重庆工商大学青年项目(2151019);重庆工商大学高层次人才科研启动项目(2055015)。

摘　　要：有效处置僵尸企业有助于破除无效供给、解决金融错配问题,而加速僵尸企业“去杠杆”是供给侧结构性改革的重要任务。鉴于此,本文利用2007—2020年中国沪深A股上市公司的微观数据,并结合手工收集的城市商业银行跨区经营分支机构数据,实证分析了城市商业银行跨区经营对僵尸企业资本结构调整速度的影响。研究发现,城市商业银行跨区经营有助于加快僵尸企业资本结构调整速度,尤其是降杠杆速度更显著。进一步的研究发现,货币政策宽松期,城市商业银行跨区经营对僵尸企业降杠杆的促进效果更明显;城市商业银行跨区经营对非国有僵尸企业降杠杆的速度更快。Effective disposal of zombie enterprises is helpful to break the invalid supply and solve the problem of financial mismatch. Accelerating the "deleveraging" of zombie enterprises is an important task of supply-side structural reform. In view of this, the article made an empirical analysis of the influence of cross-regional operation of urban commercial banks on the capital structure adjustment speed of zombie enterprises by using the micro-data of A-share listed companies in Shanghai Stock Exchange(SSE) and Shenzhen Stock Exchange(SZSE) from 2007 to 2020, as well as the manually collected data of cross-regional operation branches of urban commercial banks. It is found that the cross-regional operation of urban commercial banks is helpful to speed up the capital structure adjustment of zombie enterprises, especially deleveraging. Further research shows that during the period of monetary policy easing, the cross-regional operation of urban commercial banks has a more obvious effect on deleverage of zombie enterprises;such operation deleverages non-state-owned zombie enterprises more quickly. The conclusions of this article enrich the research literature on the structural reform of urban commercial banks’ services for the real economy, and they also provide new ideas for accelerating zombie enterprises’ withdrawal from the market by means of marketization.

关 键 词：城市商业银行跨区经营 僵尸企业 “去杠杆” 货币政策 产权性质 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]