金融分权影响民营企业融资约束的途径:一个补充讨论  

The Way of Financial Decentralization Influencing Private-owned Enterprises’Financial Constraints:A Supplementary Discussion

作　　者：肖锐 罗刚[1] 洪正[1] 王将军 XIAO Rui;LUO Gang;HONG Zheng;WANG Jiangjun(Institute of Chinese Financial Studies,Southwestern University of Finance and Economics,Chengdu 611130,China;China Institute of Finance and Capital Markets,Beijing 100033,China)

机构地区：[1]西南财经大学中国金融研究院,四川成都611130 [2]中证金融研究院,北京100033

出　　处：《当代经济科学》2024年第1期16-29,共14页Modern Economic Science

基　　金：国家社会科学基金重点项目“基于最优金融分权框架的我国地方中小银行危机研究”(21AJY002);国家社会科学基金重大项目“高质量发展背景下经济结构调整与金融系统防风险的动态平衡机制研究”(22&ZD121);中央高校基本科研业务费引进人才科研启动资助项目“地方金融机构危机处置机制研究———基于金融监管分权的视角”(JBK23YJ02)。

摘　　要：从中国金融分权实施形式出发,分析地方银行作为金融分权的具体机构对民营企业融资约束的影响。首先,地方银行的建立确实会增加民营企业的信贷比率,但存在显著的地区差异,在经济发达、地方国有企业积极推进产业升级的地区这种促进作用更为显著。进一步研究发现,在切实缓解民营企业融资约束方面,重要的不是地方银行规模增加而是银行控制权结构优化,由地方政府向市场控制分权越多,越有利于缓解民营企业融资约束。从城市商业银行入手详细探讨银行控制权变化对其信贷倾向的影响,发现随着地方政府的退出和民营股权的增加,城市商业银行信贷中的民营企业信贷占比会显著增加。但是,并非地方政府退出程度越高越好,在发达地区地方政府过度退出反而不利;相反,在欠发达地区地方政府需要更大程度地退出才能有效促进城市商业银行为民营企业融资。因此,在适当扩大地方银行规模的基础上,优化其控制权结构和加快地方产业升级是缓解民营企业融资约束的关键之举。During China’s ongoing phase of industrial upgrading,state-owned enterprises(SOEs)continue to play a dominant role in capital-intensive industrial transformations.Private-owned enterprises(POEs)face credit constraints influenced by both squeeze-in and squeeze-out effects,with the extent of financial constraints determined by the dominant entity.A crucial factor in this dynamic is financial decentralization(FD).Macroscopically,FD does alleviate financial constraints for POEs,but its effectiveness is contingent on the pace of industrial upgrading.The specific approaches to FD implementation and their impact on POEs’financial constraints are key considerations.China’s credit market exhibits a stratification by ownership type.Large state-owned commercial banks cater to the financing needs of centralized enterprises,local government-controlled banks support local SOEs,and privately-controlled banks primarily finance POEs.Establishing district banks can be viewed as a decentralization strategy,with FD-I involving decentralization from central to local levels and FD-II reflecting a decentralization strategy from local government to the market.This study poses specific research questions:Does the establishment of district banks enhance POEs’credit access,and does a shift in district banks’control structure significantly ease the financial constraints of POEs?Drawing data from various sources,this study conducts empirical tests from both the firms’and banking perspectives.Analysis of credit ratios among SME-listed POEs reveals that the development of district banks improves credit ratios,with joint-stock banks(JSBs)having a more significant impact in developed regions,and city commercial banks(CCBs)being more prominent ineconomically underdeveloped areas.Cash-cash flow sensitivity testing indicates that increased decentralization among district banks effectively eases financial constraints of POEs.Additionally,the exit of local government promotes CCBs to lend to POEs.Furthermore,in developed regions experienc

关 键 词：金融分权 地方银行 民营企业 融资约束 产业升级 地方政府 

分 类 号：F832[经济管理—金融学] F276.5F275