银行业与制造业协同集聚对企业长期债务融资的影响——基于中国地级市数据的实证检验  

The Impact of Collaborative Agglomeration of Banking andManufacturing Industries on Long-term Debt Financing of Enterprises:Empirical Test Based on the Data of Prefecture-level Cities in China

作　　者：康志勇[1] 冷颜润 刘馨 Zhiyong Kang;Yanrun Leng;Xin Liu(Business School,Yangzhou University,Yangzhou Jiangsu 225127,China)

机构地区：[1]扬州大学商学院,江苏扬州225127

出　　处：《会计与经济研究》2023年第2期118-134,共17页Accounting and Economics Research

基　　金：教育部人文社会科学研究青年基金项目(20YJC630089);江苏省社会科学基金项目(21EYB001)。

摘　　要：基于中国工业企业数据库和金融活动普查数据库数据,文章构建地级市层面银行业与制造业协同集聚指数,从企业长期负债水平和债务期限结构两个维度,考察协同集聚对制造业企业长期债务融资的影响及其影响机制。研究发现,银行业与制造业协同集聚与企业长期债务融资显著正相关,协同集聚明显提升了企业长期负债水平并改善了债务期限结构。协同集聚通过市场渠道和信息渠道两个途径影响企业长期债务融资,市场渠道对企业长期债务融资的积极作用超过了信息渠道的消极作用,整体表现为协同集聚对企业长期债务融资的促进,但这样的促进作用会受到企业所有制类型、竞争力以及所在地区等异质性因素的影响。文章通过多种方法检验了研究结论的可靠性,为优化产业集聚演进、更好地实现金融发展为实体经济服务提供了新思路。Based on China industrial enterprise data and financial activity census database,the research constructs a collaborative agglomeration index for the banking and manufacturing industries.From two dimensions of long-term debt level and debt maturity structure,the research studies the impact of collaborative agglomeration on long-term debt financing of manufacturing enterprises and further explores the impact mechanism.The research finds that there is a significant positive correlation between the collaborative agglomeration level of banking and manufacturing industries and the long-term debt financing of enterprises.The collaborative agglomeration significantly improves both the level of corporate long-term debt and the maturity structure of debt.Collaborative agglomeration affects the long-term debt financing of enterprises through market channel and information channel.The positive effect of market channel on the long-term debt financing of enterprises exceeds the negative effect of information channel.The overall performance is that collaborative agglomeration increases the long-term debt financing of enterprises.However,such promotion effect will be affected by heterogeneous factors such as ownership type,competitiveness and location.The reliability of the research conclusion is verified by various methods.The research provides a new perspective for optimizing the evolution of industrial agglomeration and better promoting financial development to serve the real economy.

关 键 词：银行业 制造业 协同集聚 长期债务融资 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]