政府融资平台贷款对商业银行绩效弊大于利吗  

Do Government Financing Platform Loans Do More Harm Than Good to the Performance of Commercial Banks

作　　者：李昊骅[1] 张前诚 刘雪 肖斌卿[1] LI Haohua;ZHANG Qiancheng;LIU Xue;XIAO Binqing(School of Management and Engineering,Nanjing University,Nanjing,210008;Research Institute,Minsheng Securities,Shanghai,100031)

机构地区：[1]南京大学工程管理学院 [2]民生证券股份有限公司研究院

出　　处：《中国经济问题》2023年第3期166-180,共15页China Economic Studies

基　　金：国家自然科学基金项目(72001104,72071102);江苏省社会科学基金项目研究成果(22EYC002)。

摘　　要：区别于以往研究对政府融资平台贷款作用有失偏颇的关注,本文使用2007—2019年82家商业银行的年度非平衡面板数据,从更长的时间窗口研究政府融资平台贷款对商业银行绩效的影响。研究发现:融资平台贷款能够通过提高商业银行的成本效率,从而提升商业银行绩效水平。因此,对于商业银行而言,政府融资平台贷款并非一般认知中的弊多利少。同时,随着银行资产规模扩张、发展阶段演变,融资平台贷款比重对商业银行绩效的直接影响逐渐减弱。此外,本文还通过选取工具变量、考虑政策外生冲击等方法对研究结论进行了稳健性检验。Different from the biased attention of previous studies on the role of government financing platform loans,this paper studies the impact of government financing platform loans on the performance of commercial banks from a longer time interval using the annual unbalanced panel data of 82 commercial banks from 2007 to 2019.We find that government financing platform loans can enhance the performance of commercial banks by improving the cost efficiency.Therefore,government financing platform loans do not do more harm than good for commercial banks as commonly recognized.But with the expansion of bank assets and the evolution of development stage,the direct effect of financing platform loans on the performance of commercial banks has gradually weakened.In addition,We test the robustness of the research conclusions by choosing instrumental variable and considering the exogenous impact of policy and so on.

关 键 词：政府融资平台 商业银行绩效 商业银行资产规模 地方政府债务 

分 类 号：F832.4[经济管理—金融学] F832.33