银行资产证券化、金融地理结构与企业创新  

Bank Asset Securitization,Financial Geographical Structure and Firm Innovation

作　　者：廖甍 Meng Liao(School of Public Finance&Economics,Shanxi University of Finance and Economics)

机构地区：[1]山西财经大学财政与公共经济学院

出　　处：《产业经济评论》2023年第4期128-147,共20页Review of Industrial Economics

基　　金：山西省研究生科研创新项目“金融发展、企业创新与经济高质量发展”(项目编号:2021Y504)。

摘　　要：中国金融供给地理结构造成了个体企业信贷资源可得性的差异,进而导致了个体企业对银行资产证券化冲击作出反应的敏感程度具有异质性。本文利用2012-2020年中国A股非金融类上市企业的面板数据,首次检验了银行资产证券化对企业创新的影响。研究发现,银行资产证券化活跃程度的提高,会使得周边一定半径范围内银行分支机构数量更多的企业其研发强度提高的幅度更大。在更换估计方法、替换核心变量及考虑内生性问题后,上述结论依然成立。上述现象背后的作用机制在于,周边一定半径范围内银行分支机构的扩张拓宽了企业的信贷获得渠道,而银行资产证券化活跃程度的上升则增强了银行风险管理能力,提高了银行的风险容忍程度,在上述两方面的作用下,有助于降低企业融资成本、缓解企业融资约束,最终促进企业进行更高风险的突破式技术创新。异质性分析发现,银行资产证券化对企业创新的促进作用在市场化程度高的省份和僵尸企业占比低的省份更加显著;对高技术行业和高外部融资依赖行业企业的研发创新促进作用更强;对非国有企业和中小企业的创新促进作用更为突出。此外,在分支机构空间扩张引发的银行竞争带来的效率识别功能的作用下,银行资产证券化促进的是那些最具有创造力和生产效率的企业进行风险更高的突破式技术创新。文章揭示了银行资产证券化和金融地理结构对企业创新的促进作用及其在中国的实践,为深化金融改革,发挥金融体系对技术创新的助推作用,提供了丰富的经验证据。The geographical structure of China's financial supply leads to differences in the availability of credit resources for individual firms,resulting in heterogeneity in how these firms respond to shocks related to bank asset securitization.This study is the first to examine the impact of bank asset securitization on firm innovation using panel data of Chinese non-financial A-share listed firms between 2012 and 2020.The results indicate that an increase in bank asset securitization is associated with a larger increase in RD intensity for firms with a higher number of bank branches within a given radius.These results hold even when using different estimation methods,substituting core variables,and addressing the endogeneity issue.This phenomenon can be attributed to two factors:the expansion of bank branches within a certain radius improves firms' access to credit,while the increased activity in bank asset securitization enhances banks' risk management capabilities and risk tolerance.As a result,this reduces the cost of financing for firms,eases constraints on corporate financing,and ultimately facilitates the pursuit of risky disruptive technological innovations.Heterogeneity analysis shows that the promotion effect of bank asset securitization on enterprise innovation is particularly significant in provinces with high levels of marketization and low zombie enterprise ratios.Moreover,it has a stronger effect on RD innovation in high-tech industries and industries that rely on external financing.Moreover,its influence is more pronounced in non-state-owned enterprises and small and medium-sized enterprises(SMEs).Moreover,bank asset securitization promotes riskier disruptive technological innovation by fostering inter-industry competition,which leads to greater efficiency and identification of creative and productive firms.Overall,this article uncovers the role of bank asset securitization and financial geography in promoting firm innovation in China,providing empirical evidence that supports the need for deeper financ

关 键 词：金融创新 企业创新 资产证券化 金融地理结构 信贷资源可得性 

分 类 号：F832[经济管理—金融学] F273.1