银行业竞争与信贷跨区域流动——来自上市公司贷款的证据  

Banking Sector Competition and Cross-Regional Credit Flows:Evidence from Chinese A-Share Listed Companies

作　　者：黄允爵 叶德珠[2] HUANG Yunjue;YE Dezhu(College of Economics and Management,Zhaoqing University,Zhaoqing 526061,China;College of Economics,Jinan University,Guangzhou 510632,China)

机构地区：[1]肇庆学院经济与管理学院 [2]暨南大学经济学院

出　　处：《金融评论》2024年第1期45-70,154,155,共28页Chinese Review of Financial Studies

摘　　要：当前,在中国地区间信贷配置不平衡的背景下,信贷资金的跨区域流动现象愈发显著。本文借助银企异地贷款这一典型的信贷资源跨区域流动形式,利用中国A股上市公司贷款公告信息,并结合银行分支机构数据,研究了地区银行业竞争对信贷跨区域流动的影响。研究发现,银企间异地贷款活动很大程度上受到地区银行业竞争的影响,并使得信贷资金的跨区域流动呈现出鲜明的空间指向性,即信贷资金往往从高竞争地区流向低竞争地区。进一步的研究表明,相对于大企业与国有企业,小企业与民营企业的异地贷款活动对地区银行业竞争更加敏感。尤其是对于存在融资约束的企业而言,前往高竞争地区贷款将是有利选择,因为银行业的剧烈竞争为企业创造了松抵押、大金额、短期限、低利差的有利贷款条件。最后,银行业竞争对银企异地贷款活动的影响呈现出显著的顺周期特征,当经济上行时,低竞争地区企业与高竞争地区银行之间的异地贷款活动更加频繁。本研究有助于进一步理解地区银行业竞争对银企间贷款活动的影响。In the context of the uneven distribution of credit across regions in China,cross-regional credit flows have gained increasing significance.This study adopts a perspective centered on cross-regional lending between firms and banks,utilizing disclosed loan data from Chinese A-share listed companies and bank branch information.Our investigation delves into the influence of banking sector competition on these cross-regional credit flows.Our findings reveal that regional bank competitions exert a considerable impact on the lending activities between firms and banks,influencing the spatial dynamics of credit flows.Specifically,bank credits exhibit a tendency to migrate from more competitive banking regions to less competitive ones.This phenomenon is particularly pronounced for small and private firms,as well as firms facing financing constraints and lacking robust credit ratings.Such entities are more likely to secure loans from highly competitive regions,where banks may offer more favorable terms,including relaxed pledge requirements,larger loan amounts,shorter repayment terms,and narrower interest rate spreads.Additionally,our research uncovers a procyclical nature in these cross-regional lending activities.This suggests that credit flows from more competitive banking regions to more concentrated ones strengthen during upswings in the business cycle.Overall,our study contributes valuable insights into the intricate relationship between bank competition and firm-bank lending activities.

关 键 词：银行业竞争 信贷跨区域流动 异地贷款 

分 类 号：F832[经济管理—金融学]