银行异质性竞争与资源配置效率  

Bank Heterogeneous Competition and Resource Allocation Efficiency

作　　者：龚星宇 李雪莲 柳春 余进韬 Gong Xingyu;Li Xuelian;Liu Chun;Yu Jintao

机构地区：[1]西华大学经济学院 [2]西南财经大学经济学院

出　　处：《财经科学》2024年第7期51-65,共15页Finance & Economics

基　　金：教育部人文社科规划基金项目“金融开放下异质性影子银行的社会福利效应研究:基于效益与风险双视角的评估”(批准号:21YJA790031)的资助。

摘　　要：揭示地方金融发展带来的银行异质性竞争对资源配置效率的深刻影响是推动金融业高质量发展的关键。本文将货币政策银行风险承担行为引入异质性银行竞争分析框架,从理论层面剖析银行业竞争对资源配置效率的影响,同时探究货币政策银行风险承担渠道在其中发挥的重要作用,并利用中国工业企业数据库与城市面板数据进行实证检验。研究发现,银行异质性竞争加剧在总体上降低了资源配置效率,该结论在利用城市商业银行设立这一准自然实验构建工具变量检验后仍然成立。但是,银行异质性竞争加剧形成的非对称政策传递效应,使紧缩性货币政策有助于缓解资源配置效率的降低。进一步研究发现,这种缓解效应主要来自生产率较高但融资约束较强的企业。在当前经济内外环境愈加复杂的背景下,研究结论凸显了货币政策银行风险承担渠道的重要价值,为构建差异化“双支柱”调控框架提供了有益的政策参考。Revealing the profound impact of heterogeneous bank competition on resource allocation efficiency is the key to promoting the high-quality development of the financial industry.This paper introduces the risk-taking behavior of monetary policy banks into the analytical framework of heterogeneous bank competition,analyzes the impact of banking competition on resource allocation effi-ciency from the theoretical level,and at the same time explores the important role played by the risk-taking channel of monetary poli-cy banks,and empirically tests it by using China's industrial enterprise database and urban panel data.It is found that heterogeneous competition in the local banking sector reduces resource allocation efficiency in general,a conclusion that still holds after construct-ing an instrumental variable test using the quasi-natural experiment of urban commercial bank establishment.However,the asym-metric policy transmission effect created by increased heterogeneous competition in the local banking sector allows tight monetary policy to help mitigate the reduction in resource allocation efficiency.It is further found that this mitigating effect mainly comes from firms with higher productivity but stronger financing constraints.Against the backdrop of an increasingly complex internal and exter-nal economic environment,the findings highlight the value of the risk-taking channel of monetary policy banks and provide a useful policy reference for the construction of a differentiated"two-pillar"regulatory framework.

关 键 词：银行异质性竞争 资源配置效率 货币政策 银行风险承担 

分 类 号：F832.5[经济管理—金融学]