信贷冲击、融资约束与企业风险:基于金融摩擦理论的分析  

Credit Shock,Financing Constraint and Corporate Risk:Analysis Based on Financial Friction Theory

作　　者：荆中博[1] 齐立瑶 刘志东[1] Jing Zhongbo;Qi Liyao;Liu Zhidong

机构地区：[1]中央财经大学管理科学与工程学院 [2]北京联合大学学报编辑部

出　　处：《世界经济》2025年第3期207-232,共26页The Journal of World Economy

基　　金：国家自然科学基金面上项目(72271253);中央高校基本科研业务费专项资金的资助。

摘　　要：在银行风险通过信贷收缩影响企业的过程中,企业融资约束发挥着重要作用。本文基于金融摩擦理论的分析认为,融资约束的形成取决于主观融资动机和客观融资条件。前者包括道德风险、投资驱动和税盾效应,后者受限于企业抵押品条件。本文基于中国上市公司数据研究银行部门风险上升通过收缩信贷、提高利率对不同融资约束类型企业的影响。分析结果表明,在银行部门风险上升的冲击下,信贷规模下降会提高税盾效应型企业的风险,但是会降低道德风险型企业的风险;信贷利率上升在提高道德风险型企业脆弱性方面更加显著。客观融资条件能够缓解银行部门风险上升对企业的冲击作用,且对不同的信贷收缩方式和主观融资动机均具有调节作用。本文的研究深化了关于金融风险溢出的理论研究,有利于政府部门更全面地理解银行部门风险上升的经济后果和微观机制。The 2023 Central Financial Work Conference emphasized that risk prevention and control must remain the cornerstone of financial work.Historical financial crises have demonstrated that their spillover into the corporate sector can lead to economic crises and hinder economic development.While the existing literature has extensively explored the impact of banking institutions’credit fluctuations on the corporate sector,it has overlooked the role of firms’financing constraints,as well as the underlying mechanisms.Corporate financing constraints reflect the degree and motivation of corporate demand for funds,and play a significant role in the process through which banking risks spill over and affect the corporate sector.Drawing on the financial friction theory,this paper proposes that financing constraints arise from firms’subjective financing motivations and objective financing conditions.Financing motivations encompass moral hazard,investment-driven factors and the tax shield effect.For firms with moral hazard,the primary motivation is to maximize shareholder equity rather than focusing on expanding investment or generating profits.Investment-driven firms,on the other hand,are motivated by growth opportunities,with the goal of expanding their investment scale and enhancing firm value.Meanwhile,firms influenced by the tax shield effect seek to capitalize on the tax advantages associated with debt financing.Consequently,when exposed to banking risk shocks,the credit crunch affects these three types of firms in distinct ways.Objective financing conditions are also determined by firms’mortgageable or fixed assets,which play a critical role in shaping their access to funding.According to financial friction theory,subjective financing motivations reflect firms’financing objectives and can more effectively highlight adverse selection issues that arise from their financing decisions.Objective financing conditions demonstrate how banking institutions mitigate moral hazard problems in issuing loans through asset col

关 键 词：银行风险 融资约束 融资动机 抵押品 

分 类 号：F832.4[经济管理—金融学]