银行业开放与企业债务期限结构  

Banking Sector Opening and Corporate Debt Maturity Structure

作　　者：苏继影 谭小芬 王雅琦[1] 张宁 SU Jiying;TAN Xiaofen;WANG Yaqi;ZHANG Ning(School of Finance,Central University of Finance and Economics,Bejing 102206,China;School of Economics and Management,Beihang University,Beijing 100191,China)

机构地区：[1]中央财经大学金融学院 [2]北京航空航天大学经济管理学院

出　　处：《金融评论》2024年第5期47-68,148,149,共24页Chinese Review of Financial Studies

基　　金：国家社会科学基金重大项目《负利率时代金融系统性风险的识别和防范研究》(项目批准号:20&ZD101);国家社科基金重点项目《稳慎推进人民币国际化的策略和路径》(项目批准号:21AZD066)的资助。

摘　　要：本文使用1998~2014年的中国工业企业数据库,以中国加入WTO后银行业开放政策作为准自然实验,考察了银行业开放对企业债务期限结构的影响和机制。结果发现,银行业开放有助于优化企业的债务期限结构。影响机制在于:外资银行进入会产生客户争夺效应和企业治理效应,前者激励银行将延长贷款期限作为争夺客户的方式,后者通过溢出作用提高中资银行的监督水平,降低银行依赖短期债务治理企业的程度。异质性分析表明,在非国有、盈利能力好、长期融资约束严重、地方政府干预较少的企业中,外资银行进入对企业债务期限的延长作用更加明显。本文为银行业开放如何缓解企业的流动性风险提供了微观证据,对促进高水平金融开放、防范微观金融风险具有启示作用。Drawing on data from the Chinese Annual Survey of Industrial Firms(1998-2014)and leveraging China"s post-WTO banking sector liberalization as a quasi-natural experiment,this paper examines the effects and mechanisms of banking sector opening on corporate debt maturity structures.The results show that banking sector liberalization significantly improves the debt maturity structure of firms.This occurs through two key mechanisms:(1)the customer competition effect,where the entry of foreign banks drives domestic banks to offer longer loan terms to attract clients;and(2)the corporate governance effect,where foreign bank spillovers enhance the monitoring capabilities of domestic banks,reducing their reliance on short-term debt for governance purposes.A heterogeneity analysis further reveals that the impact of foreign bank entry on debt maturity extension is more pronounced in non-state-owned enterprises,firms with strong profitability,those facing long-term financing constraints,and those with minimal local government intervention. This study provides micro-level evidence that banking sector liberalization can help mitigate corporate liquidityrisks, offering policy insights for promoting deeper financial openness and managing micro-financial risks.

关 键 词：银行业开放 债务期限结构 客户争夺 企业治理 

分 类 号：F832.3[经济管理—金融学] F425F406.7