同业市场波动、银行信贷与企业长期投资  

Interbank Market Volatility, Bank Credit and Long-term Enterprise Investment

作　　者：金钊 谢晨裕 王曦[1,3] Jin Zhao;Xie Chenyu;Wang Xi(Lingnan College,Sun Yat-sen University;School of Business,Sun Yat-sen University;China Institute of Economic Transformation and Opening,Sun Yat-sen University)

机构地区：[1]中山大学岭南学院 [2]中山大学管理学院 [3]中山大学中国转型与开放经济研究所

出　　处：《管理世界》2024年第8期177-190,共14页Journal of Management World

基　　金：国家自然科学基金青年项目(基金号:72103212);国家自然科学基金重点项目(基金号:72133006);广东省自然科学基金卓越青年团队项目(基金号:2023B1515040001);广东省自然科学基金项目(基金号:2022A1515011472)的资助。

摘　　要：健康稳定的同业市场对我国经济复苏具有重要的作用,我国特有的同业市场特征并不能完全套用欧美国家的研究结论。本文运用我国银行和企业的微观数据,根据同业市场改革时间点,分段研究发现:(1)同业市场波动对银行信贷和企业投资的影响在不同时期表现不一致;(2)在同业市场波动影响银行信贷决策的过程中,同业风险敞口和同业负债发挥了特殊作用;(3)在同业市场波动通过信贷传导至企业长期投资的过程中,企业的资产与债务结构是重要影响因素;(4)同业业务创新对银行信贷的抑制作用主要体现在资产端;(5)同业市场波动作用的传导具有异质性,资产负债表弱的银行和企业对同业市场波动的反应更大;(6)同业市场波动还会降低企业绩效与投资效率,加大企业生存风险,阻碍其可持续发展。本文构建了统一的研究框架检验中国特色同业市场对实体经济的影响,有助于深入理解我国银行信贷发放与企业长期投资行为;为优化同业市场管理与健全同业市场结构提供有益参考。A healthy and stable interbank market plays an important role in China's economic recovery.The unique characteristics of China's interbank market can't fully apply the research conclusions of European and American countries.This research uses micro data from banks and firms in China to conduct segmented research based on the time points of interbank market reform.(1)The impact of interbank market volatility on bank credit and enterprise investment is inconsistent across time;(2)Interbank risk exposures and interbank liabilities play a special role in the process of interbank market volatility affecting bank credit;(3)The asset and debt structure of firms are important factors in the transmission of interbank market volatility to long-term enterprise investment through bank credit;(4)The inhibitory effect of interbank business innovation on bank credit is mainly reflected in the asset side;(5)The transmission of interbank market volatility has heterogeneity,and banks and companies with weak balance sheets have a greater response to interbank market volatility;(6)Interbank market volatility also leads to a decrease in firm performance and investment efficiency,increasing the risk of survival for firms and hindering their sustainable development.This paper constructs a unified framework to examine the impact of China's characteristic interbank market,and contributes to an in-depth understanding of China's bank credit issuance and the long-term investment behavior of enterprises.It also suggests that stabilizing interbank market volatility and improving market micro structure are of great significance.

关 键 词：同业市场波动 银行信贷 企业长期投资 市场结构 

分 类 号：F832.4[经济管理—金融学] F275