银行分支机构准入管制放松影响企业多元化经营机理探讨——基于中国城市商业银行分支机构的实证检验  

A Study on the Mechanism of Bank Branch Access Deregulation Affecting Corporate Diversification:Empirical Evidences Based on Chinese City Commercial Bank Branches

作　　者：袁蓉丽[1] 江纳 李育昆 刘梦瑶 YUANG Rong-li;JIANG Na;LI Yu-kun;LIU Meng-yao

机构地区：[1]中国人民大学商学院

出　　处：《中央财经大学学报》2024年第1期117-128,共12页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金面上项目“企业战略选择对创新模式的影响机理及其经济后果研究”(项目编号:71872179)

摘　　要：企业多元化经营受益于银行发放多元化经营所需资金贷款,受制于银行发挥债权人治理作用的外部监督。笔者基于资源基础理论和代理理论,以2004—2020年中国沪深A股上市公司为研究样本,结合城市商业银行分支机构数据,利用多元线性回归方法,实证检验了银行分支机构准入管制放松对企业多元化经营是否有影响以及影响的方式、方向和程度。检验结果证实:银行分支机构准入管制放松与企业多元化经营显著正相关;在银行分支机构准入管制放松正向影响企业多元化经营过程中,银行缓解企业融资约束和增加企业管理层攫取私利行为具有中介效应;企业聘请会计师事务所的审计质量和企业的内部控制质量发挥调节作用。本研究尝试性地将银行管制体制改革与企业多元化经营结合起来探究银行分支机构准入管制放松对企业多元化经营的影响机理,在一定程度上拓展了资源基础理论和代理理论的应用边界,丰富了银行管制和企业多元化经营的相关文献,研究结论能够为银行业体制改革和企业多元化经营提供理论依据。Corporate diversification benefits from the banks fund provision for corporate diversification and is subject to the external supervision of the banks role in creditor governance.Based on the resource-based theory and agency theory,taking the A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2004 to 2020 as research samples,combined with the city commercial bank branch data,this study empirically tests whether bank branch access deregulation has an impact on corporate diversification,and the way,direction and degree of the impact,using the multiple linear regression method.The empirical results confirm that bank branch access deregulation is positively related to corporate diversification;in the process of the bank branch access deregulation positively affecting corporate diversification,the bank alleviating the financing constraints of enterprises and increasing the self-interested behavior of management play the mediating effect;the audit quality of the accounting firm hired by the enterprise and the quality of the internal control of the enterprise play a moderating role.This study tries to combine the reform of bank regulation and corporate diversification to investigate the influence mechanism of bank branch access deregulation affecting corporate diversification,which expands the application boundaries of resource-based theory and agency theory to a certain extent and enriches the related literature on bank regulation and corporate diversification.The findings can provide a theoretical basis for the banking system reform and corporate diversification.

关 键 词：多元化经营 银行分支机构准入管制放松 融资约束 代理问题 

分 类 号：F832.1[经济管理—金融学]