联合授信制度对企业多元化经营的影响  

The Impact of Joint Credit System on Corporate Diversification

作　　者：沈璐 向锐 SHEN Lu;XIANG Rui(Sichuan University,Chengdu,China)

机构地区：[1]四川大学商学院

出　　处：《管理学报》2023年第11期1716-1726,共11页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(18BGL091)。

摘　　要：基于2018年开始实施的《联合授信管理办法》进行准自然实验,采用双重差分法探讨该制度对企业多元化经营的影响。研究发现,联合授信制度实施后,企业的多元化经营程度显著降低,并且该抑制效应在股权集中度高、环境不确定性高的企业中更加明显,支持监管有效观。机制分析表明,提升银行竞争程度、抑制银企合谋、降低企业信息不对称是联合授信制度发挥效应的作用机制。异质性检验发现,联合授信制度主要抑制企业开展非相关多元化。经济后果检验证实,联合授信制度通过降低企业多元化经营程度从而提升企业价值。This study constructs a quasi-natural experiment based on the implementation of the Measures for the Administration of Joint Credit,and uses PSM-DID model to explore the impact of joint credit system on corporate diversification.The study shows that the joint credit system significantly restrains the corporate diversification,and the inhibitory effect is more significantly in corporates with high equity concentration or high environmental uncertainty,which supports the view of effective regulation.The mechanism test shows that enhancing the degree of bank competition,restraining the collusion between banks and corporates,and reducing the degree of corporate information asymmetry are the mechanisms through which the joint credit system works.The heterogeneity tests show that joint credit system mainly restrains corporates from carrying out unrelated diversification.The economic consequences test confirms that joint credit system enhances the value of the corporates by restraining corporate diversification.

关 键 词：联合授信 多元化经营 信息不对称 PSM-DID模型 

分 类 号：C93[经济管理—管理学]