外资银行进入有利于优化资本配置吗?  

Will the Entry of Foreign Banks Help to Optimize Capital Allocation?

作　　者：贺祥民[1] 郑长福 袁澳 熊淼 HE Xiang-min;ZHENG Chang-fu;YUAN Ao;XIONG Miao(School of Economics and Trade,Nanchang Institute of Technology,Nanchang Jiangxi 330099)

机构地区：[1]南昌工程学院经贸学院,南昌330099

出　　处：《兰州财经大学学报》2023年第3期79-89,共11页Journal of Lanzhou University of Finance and Economics

基　　金：国家社科基金“高质量发展背景下环境规制驱动要素优化配置的机理及对策研究”(20BJL033)。

摘　　要：将资本配置扭曲分成总体资本配置扭曲和组群间资本配置扭曲的基础上,使用倍差法研究了加入WTO后外资银行进入对资本配置扭曲的影响。发现外资银行进入对资本配置扭曲的改善效应依赖于行业的外部融资依赖度,且对组群间资本配置扭曲的改善作用大于总体资本配置扭曲。进一步研究发现,外资银行进入对资本配置扭曲的改善作用仅在金融发展水平位于后三分之二的城市产生了显著的影响;地区制度质量有利于强化外资银行对资本配置扭曲的改善作用。使用逐步回归法的影响机制检验表明,外资银行对国内银行业产生了“竞争效应”,通过间接提升银行业竞争程度进而促进资本向高生产率的企业重置,从而降低资本配置扭曲程度。Building upon a novel classification of capital allocation distortion into overall capital alloca⁃tion distortion and inter-group capital allocation distortion,this study employs the difference-in-differ⁃ences method to examine the impact of foreign banks'entry on capital allocation distortion in China after it acceded to the World Trade Organization(WTO).The research reveals that the improvement effect of foreign banks'entry on capital allocation distortion depends on the industry's external financing depen⁃dence,with a greater effect observed on inter-group capital allocation distortion than overall capital allo⁃cation distortion.Furthermore,the study shows that the improvement effect of foreign Banks on capital allocation distortion is significant only in cities with low levels of financial development.Additionally,regional institutional quality facilitates the foreign banks'role in improving capital allocation distortion.The impact mechanism test of the stepwise regression method reveals that foreign banks have a"competi⁃tive effect"on the domestic banking industry,which promotes the relocation of the capital to high-pro⁃ductivity enterprises by indirectly enhancing the degree of competition in the banking industry,thus re⁃ducing the distortion of capital allocation.

关 键 词：外资银行进入 资本配置扭曲 倍差法 

分 类 号：F832.3[经济管理—金融学]