银行监管处罚如何影响企业创新  

How Bank Regulatory Penalties Affect Corporate Innovation

作　　者：魏建[1,2] 薛启航 王慧敏 姚笛 WEI Jian;XUE Qi-hang;WANG Hui-min;YAO Di(The Journals Press of Humanities&Social Sciences,Shandong University;Zhongtai Securities Institute for Financial Studies,Shandong University;School of Economics,Shandong University)

机构地区：[1]山东大学人文社科期刊社 [2]山东大学中泰证券金融研究院 [3]山东大学经济学院

出　　处：《中国工业经济》2024年第7期105-123,共19页China Industrial Economics

基　　金：国家自然科学基金重大项目“基于司法大数据的可靠计算与实证研究”(批准号T2293773);国家自然科学基金面上项目“小数据疑难案件的可靠计算与司法公正性实证研究”(批准号72371145)。

摘　　要：银行监管处罚是规范银行信贷行为、维护银行业秩序的重要手段,但其能否有效引导银行信贷更好地服务于企业创新仍有待进一步考察。本文利用2011—2020年国家金融监督管理总局公布的银行行政处罚信息,构建了银行监管处罚的地级市面板数据,同时以2015年《中国银监会行政处罚办法》的修订为准自然实验,探究了银行监管处罚对当地企业创新的影响。研究发现,银行监管处罚能够促进当地企业创新,并且该效果对于小规模企业、无银企关系的企业以及高新技术企业更加显著。机制分析表明,银行监管处罚主要通过增加企业可用信贷资源、优化企业信贷结构和促进企业“脱虚向实”来提高企业创新水平。进一步地,从处罚方式看,与银行信贷行为相关的处罚、对个人和机构的共同处罚以及轻度处罚对企业创新的促进作用更明显;从处罚结果看,银行监管处罚在提高企业创新质量的同时,存在抑制企业突破式创新的问题。本文的研究为加强和优化银行监管措施、提高金融服务实体经济的质效提供了理论依据和实践启示。Innovation is a long-term high-risk investment and the key to encouraging corporate innovation is to build a suitable capital chain and financial environment.China's financial system is typically bank-dominated,and bank credit is the most important way for firms to obtain external financing.However,banks are very sensitive to corporate innovation risks,making it difficult for bank credit supply to match corporate innovation needs.Therefore,guiding bank loans to better serve corporate innovation is particularly important.Recently,China's bank regulatory penalties have been strengthened,which has become an important means to regulate bank credit behavior and guide credit funds flow,but whether it can effectively guide bank credit to better serve corporate innovation remains to be investigated.This paper uses the information on administrative penalties against banks published by the National Financial Regulatory Administration of China from 2011 to 2020 to construct prefecture-level city panel data on bank regulatory penalties and employs the revision of the Administrative Penalty Measures of the China Banking Regulatory Commission in 2015 as a quasi-natural experiment to perform empirical analysis.It is found that bank regulatory penalties can significantly promote local firms'innovation,and this effect is more significant for small-scale firms,firms without bank-firm relationships,and high-tech firms.It is also found that increasing firms'available credit resources,optimizing credit structure,and promoting them to"shift from virtual to real'are three important mechanisms.Further,penalties related to bank credit behavior,joint penalties of individuals and institutions,and light penalties have a better effect;although bank regulatory penalties can improve the quality of corporate innovation,they inhibit corporate breakthrough innovation.This paper confirms the effectiveness of China's bank regulatory penalties and which punishment methods are more effective,which provides important policy implications for improving

关 键 词：银行监管处罚 企业创新 信贷资金流动 处罚方式 

分 类 号：F270[经济管理—企业管理]