中小企业发展与银行结构——基于进出口经营权改革的经验研究  

Development of SMEs and Banking Structure: An Empirical Study based on the Reform of Trading Rights in China

作　　者：夏俊杰 邓尚沅 徐铭梽 XIA Junjie;DENG Shangyuan;XU Mingzhi(School of Economics,Central University of Finance and Economics;Institute of New Structural Economics,Peking University;Development Research Center of Futian District,Shenzhen)

机构地区：[1]中央财经大学经济学院,北京100081 [2]北京大学新结构经济学研究院,广东深圳518048 [3]深圳市福田区发展研究中心,北京100871

出　　处：《金融研究》2024年第11期76-93,共18页Journal of Financial Research

基　　金：国家自然科学基金项目(72322007、72473172)的资助。

摘　　要：银行业在经济社会发展中发挥了重要的支撑和促进作用。银行结构已成为广受关注的研究议题,但银行结构调整的内在原因仍缺乏深入探讨。本文以2003年中国进出口经营权改革为准自然实验,考察中小企业发展对银行结构的影响。研究结果表明,放宽企业直接贸易门槛后,在中小企业相对密集的地区,银行结构倾向于向中小银行主导的模式转变,支持了中小银行擅长服务中小企业的比较优势观点。机制分析显示,中小企业的贸易参与推动了地区银行结构的调整,尤其是那些依赖外部融资、具备比较优势且存在融资缺口的中小企业与银行部门之间的联系更为紧密。进一步分析发现,中小银行的比较优势主要源于其人缘优势与地缘优势,具体表现为更强的软信息处理能力与更短的决策链条。在社会信任程度较低、经济活动相对分散的地区,中小银行的比较优势更为明显。本文为理解银行结构调整提供了新的实证证据,对银行业发展具有一定启示意义。The development of the banking sector plays a crucial role in supporting and facilitating China's economic growth. Although banking structure is a widely studied topic in current research, there is a notable lack of in-depth exploration of the underlying reasons for its adjustments. This study utilizes the refrom of import and export operation rights in China in 2003 as the quasi-natural experiment and employs a DID model to investigate the impact of SME development on banking structure. Prior to 2003, China imposed high registration capital barriers for domestic enterprises wishing to participate in direct exports, thereby allowing only a limited number of firms to engage in such activities. Starting from 2003, these entry barriers were gradually lowered and were eliminated by 2004, facilitating greater access for SMEs to international markets and generating new financing demands that could influence the supply structure of the banking sector. The findings suggest that as trade barriers were relaxed, regions with a high concentration of SMEs experienced a shift in banking structure towards a pattern dominated by medium and small banks, supporting the viewpoint that smaller banks have a comparative advantage in serving SMEs. Mechanism analysis reveals that SMEs' participation in direct trade drove adjustments in regional banking structure. SMEs that relied on external financing, exhibited comparative advantages, and those facing financing gaps tended to establish closer connections with the banking sector. Further analysis indicates that the comparative advantages of medium and small banks primarily arise from their relational and geographical benefits, which are reflected in superior capabilities for processing soft information and shorter decision-making chains. In regions characterized by a low social credit environment and relatively decentralized economic activities, the comparative advantages of medium and small banks were further accentuated.Drawing upon these findings, this paper proposes three policy rec

关 键 词：进出口经营权改革 中小企业 银行结构 普惠金融 

分 类 号：F832.3[经济管理—金融学] F832.2