银行处罚的信息溢出效应与实体经济效应——基于银企借贷关系的视角  

Information Spillover Effect and Real Economy Effect of Bank Punishment——Based on Bank-Enterprise Lending Relationship

作　　者：桂荷发[1] 文杰 王伟 GUI Hefa;WEN Jie;WANG Wei

机构地区：[1]江西财经大学金融学院 [2]重庆工商大学金融学院

出　　处：《金融监管研究》2024年第5期23-40,共18页Financial Regulation Research

基　　金：国家社会科学基金一般项目“风险事件频发背景下中小银行监管效果评估与问责联动机制研究”(项目编号21BJY051)的资助。

摘　　要：银行处罚既是微观审慎监管工具,也是促进金融服务实体经济的重要手段。本文使用2009—2021年我国A股上市公司与原银保监会行政处罚的微观数据,考察了银行处罚对借款企业的信息溢出效应与实体经济效应。研究发现,银行处罚可显著改善借款企业的信息披露质量,即具有显著的信息溢出效应。异质性分析显示,该溢出效应在非国有、对不确定性感知弱、对外部融资依赖度高以及地区法制化程度高的企业更为显著。机制检验发现,银行处罚能够促进银企借贷关系合理化,进而改善企业信息披露质量。进一步的研究发现,银行处罚的信息溢出效应在稳定股市、增加实体投资以及缓解融资约束等方面能够发挥积极作用,即具有显著的实体经济效应。本文从银行处罚视角揭示了银行业强监管的信息溢出效应和实体经济效应及其内在机制,为金融监管的有效性提供了微观证据,对金融如何支持实体经济的高质量发展具有重要的参考价值。Bank punishment is not only a microprudential regulatory tool,but also an important means to promote financial services to the real economy.This paper uses the micro-data of China's A-share listed companies and the former China Banking and Insurance Regulatory Commission's administrative penalties from 2009 to 2021 to investigate the information spillover effect and real economy effect of bank penalties on borrowing enterprises.It is found that bank punishment significantly improves the quality of information disclosure of borrowing enterprises,that is,it has significant information spillover effect.Heterogeneity analysis shows that the spillover effect is more prominent in non-state-owned enterprises,weak perception of uncertainty,high dependence on external financing and high degree of regional legalization.The mechanism test shows that bank punishment can promote the rationalization of bank-enterprise lending relationship and improve the quality of corporate information disclosure.Further research shows that the information spillover effect of bank penalties can play a positive role in stabilizing the stock market,increasing real investment and easing financing constraints,that is,it has a significant real economy effect.From the perspective of bank punishment,this paper reveals the information spillover effect and real economy effect of strong banking supervision and their internal mechanism,which provides micro evidence for the effectiveness of financial supervision and has important reference value for how finance supports the high-quality development of the real economy.

关 键 词：银行处罚 信息披露质量 银企借贷关系 信息溢出效应 

分 类 号：F832[经济管理—金融学] F275.5