银行业改革、信贷配置与产业结构升级
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摘要
自银行业改革以来,我国产业结构转型和升级速度逐渐加快,商业银行在其中扮演了相当重要的角色.本文从理论角度证明了具有成本优势和规模效应的大型商业银行应该利用其市场影响力推动经济中投资意愿较低的企业进行投资,进而达到经济的整体最优.实证结果显示,自银行业实行改革以来我国的商业银行在促进产业增长效率的改进与提高方面仍然存在着诸多不足,如信贷资金对民营企业的支持不足,对行业增长率无明显促进作用,并在一定程度上促进了行业的垄断等;战略新兴产业上市公司获得的银行信贷融资支持依然非常有限,其中长期贷款的信贷支持方面尤为薄弱.若要发挥商业银行对行业结构的催化与孵化作用,就必须区分不同类型商业银行的信贷配置能力,以做到分工明确.
Since the reform of bank industry, commercial bank has played an critical role in industrial structure transformation and upgrading. Prom a theoretical point of view, we prove that big commercial banks with cost and size advantage should use their market influence to help companies increase their willingness to invest. By doing this, optimum of the whole economy will be achieved. Empirical tests suggest that commercial banks still have several defects when boosting the efficiency of industry growth,such as the lack of support for private enterprises, no promotion to industry growth and increasing the monopoly, etc. Listed companies of strategic emerging industries still lack credit loans support from banks,especially long-term ones. We then come to conclusion that if commercial banks want to optimize industrial structures, they should better distinguish the ability to allocate credit of different kinds of banks, ensuring the clear-cut of responsibility.
Since the reform of bank industry, commercial bank has played an critical role in industrial structure transformation and upgrading. Prom a theoretical point of view, we prove that big commercial banks with cost and size advantage should use their market influence to help companies increase their willingness to invest. By doing this, optimum of the whole economy will be achieved. Empirical tests suggest that commercial banks still have several defects when boosting the efficiency of industry growth,such as the lack of support for private enterprises, no promotion to industry growth and increasing the monopoly, etc. Listed companies of strategic emerging industries still lack credit loans support from banks,especially long-term ones. We then come to conclusion that if commercial banks want to optimize industrial structures, they should better distinguish the ability to allocate credit of different kinds of banks, ensuring the clear-cut of responsibility.
引文
[1] Wurgler J. Financial markets and the allocation of capital[J]. Journal of Financial Economics, 2000, 58(1):187-214.
[2]白钦先,耿立新.日本近150年来政策性金融的发展演变与特征[J].日本研究,2005(3):12-21.
[3] Kato K, Shibata T, Fukui K, et al. Policy based finance:The experience of postwar Japan[M]. The World Bank,1994.
[4] Schumpeter J A. Theory of economic development[M]. Routledge, 1934.
[5] Schumpeter J A. Business cycles:A theoretical, historical, and statistical analysis of the capitalist process[M].McGraw-Hill, 1939.
[6] Gerschenkron A. Economic backwardness in historical perspective:A book of essays[M]. Belknap Press of Harvard University Press, 1962.
[7] Merton R C. Operation and regulation in financial intermediation:A functional perspective[C]//Operation and Regulation of Financial Markets, Stockholm:The Economic Council, 1993.
[8] Da Rin M, Hellmann T. Banks as catalysts for industrialization[J]. Journal of Financial Intermediation, 2002,11(4):366-397.
[9] Beck T, Levine R. Stock markets, banks, and growth:Panel evidence[J]. Journal of Banking&Finance, 2004,28(3):423-442.
[10] Stulz R M. Financial structure and economic growth:Cross-country comparisons of banks,markets,and development[M]. MIT Press, Cambridge, MA, 2002:143-188.
[11] Cetorelli N, Gambera M. Banking market structure, financial dependence and growth:International evidence from industry data[J]. The Journal of Finance, 2001, 56(2):617-648.
[12] Bertrand M,Schoar A'Thesmar D. Banking deregulation and industry structure:Evidence from the French banking reforms of 1985[J]. The Journal of Finance, 2007, 62(2):597-628.
[13]盛松成.商业银行的筛选功能与宏观调控[J].金融研究,2006(4):82-89.Sheng S C. The screening and macroeconomic management of commercial banks[J]. Journal of Financial Research,2006(4):82-89.
[14]赵黎明,宋瑶,殷建立.战略性新兴产业,传统产业与政府合作策略研究[J].系统工程理论与实践,2017, 37(3):642-663.Zhao L M, Song Y, Yin J L. Cooperation among strategic emerging industries, traditional industries and gov-ernment based on different game[J]. Systems Engineering—Theory&Practice, 2017, 37(3):642-663.
[15]韩立岩,蔡红艳.我国资本配置效率及其与金融市场关系评价研究[J].管理世界,2002(1):65-70.Hajn L Y, Cai H Y. Research on the allocation efficiency of capital and its relationship with financial market in China[J]. Management World, 2002(1):65-70.
[16]韩立岩,王哲兵.我国实体经济资本配置效率与行业差异[J].经济研究,2005(1):77-84.Han L Y, Wang Z B. Real economy capital allocation of China with industry divergence[J]. Economic Research Journal, 2005(1):77-84.
[17]刘梅生.我国银行信贷与产业结构变动关系的实证研究[J].南方金融,2009(7):24-26.Liu M S. An empirical study of the relationship between credit and change of industry structure in China[J].South China Finance, 2009(7):24-26.
[18]吕健.产业结构调整、结构性减速与经济增长分化[J].中国工业经济,2012(9):31-43.Lii J. Industrial structure adjusting, structural decelerating and economic growth divergenting[J]. China Industrial Economics, 2012(9):31-43.
[19]邵平,秦龙,孔爱国.商业银行对产业发展的催化——来自中国的证据(1991-2006)[J].金融研究,2007(12):113-124.Shao P, Qin L, Kong A G. Commercial banking's catalysis role for the industries development—Based on the Data from 1991-2016 of China[J]. Journal of Financial Research, 2007(12):113-124.
[20]白钦先,高霞.日本产业结构变迁与金融支持政策分析[J].现代日本经济,2015(2):1-11.Bai Q X, Gao X. An analysis of evolution of industrial structure and financial policies in Japan[J]. Contemporary Economy of Japan, 2015(2):1-11.
[21]刘培森,尹希果.银行业结构、空间溢出与产业结构升级[J].金融评论,2015, 7(1):51-63.Liu P S, Yin X G. Banking structure, spatial spillover and industrial structure upgrade[J]. Chinese Review of Financial Studies, 2015, 7(1):51-63.
[22]杨秋海·银行业结构对产业结构升级影响的机制分析——荃于技术进步和金融约束减轻的角度[J].上海金融,2016(9):13-19.Yang Q H. Research on the impact of banking structure on industrial structure upgrading_Based on the perspective of technological progress and financial constraint reduction[J]. Shanghai Finance, 2016(9):13-19.
[23] Murphy K M, Shleifer A, Vishny R W. Industrialization and the big push[J], Journal of Political Economy, 1989,97(5):1003-1026.
[24]万晓玲,李瑞海,陈宏民.产业因素对企业兼并频率影响的实证研究[J].系统工程理论与实践,2007, 27(12):133-138.Wan X L, Li R H, Chen H M. The empirical research of the influence on industry's factors of Chinese M&A activity[J]. Systems Engineering—Theory&Practice, 2007, 27(12):133-138.
1.赫芬达指数法:Herfindhal,赫芬达指数反映市场竞争的均衡状态,公式为10000乘以行业内各厂商市场份额的平方之和.设某一经济社会内仅有三家银行.第一种情况,市场份额分别为50%、25%、25%,赫芬达指数:10000*(0.52+0.252+0.252)=3750.此处由于无法获得行业内所有企业的市场份额数据,因此采用同一行业所有上市公司占比的平方和.
2.此处由于篇幅有限,仅选取了部分重要的行业数据.
3. PC:基于销售收入的市场前五大企业的市场份额占行业总额比.
4. PS:民营产业占行业的比重(按资产规模计算).
5. 2010年9月8日,国务院通过了《关于加快培育和发展战略性新兴产业的决定》,确定现阶段我国重点发展节能环保、新一代信息技术、生物、高端装备制造、新能源、新材料和新能源汽车等七大战略性新兴产业.
6.详见深交所2010年9月30日第33期(总第66期)研究简报,由深交所综合研究所中小企业研究小组撰写.
[2]白钦先,耿立新.日本近150年来政策性金融的发展演变与特征[J].日本研究,2005(3):12-21.
[3] Kato K, Shibata T, Fukui K, et al. Policy based finance:The experience of postwar Japan[M]. The World Bank,1994.
[4] Schumpeter J A. Theory of economic development[M]. Routledge, 1934.
[5] Schumpeter J A. Business cycles:A theoretical, historical, and statistical analysis of the capitalist process[M].McGraw-Hill, 1939.
[6] Gerschenkron A. Economic backwardness in historical perspective:A book of essays[M]. Belknap Press of Harvard University Press, 1962.
[7] Merton R C. Operation and regulation in financial intermediation:A functional perspective[C]//Operation and Regulation of Financial Markets, Stockholm:The Economic Council, 1993.
[8] Da Rin M, Hellmann T. Banks as catalysts for industrialization[J]. Journal of Financial Intermediation, 2002,11(4):366-397.
[9] Beck T, Levine R. Stock markets, banks, and growth:Panel evidence[J]. Journal of Banking&Finance, 2004,28(3):423-442.
[10] Stulz R M. Financial structure and economic growth:Cross-country comparisons of banks,markets,and development[M]. MIT Press, Cambridge, MA, 2002:143-188.
[11] Cetorelli N, Gambera M. Banking market structure, financial dependence and growth:International evidence from industry data[J]. The Journal of Finance, 2001, 56(2):617-648.
[12] Bertrand M,Schoar A'Thesmar D. Banking deregulation and industry structure:Evidence from the French banking reforms of 1985[J]. The Journal of Finance, 2007, 62(2):597-628.
[13]盛松成.商业银行的筛选功能与宏观调控[J].金融研究,2006(4):82-89.Sheng S C. The screening and macroeconomic management of commercial banks[J]. Journal of Financial Research,2006(4):82-89.
[14]赵黎明,宋瑶,殷建立.战略性新兴产业,传统产业与政府合作策略研究[J].系统工程理论与实践,2017, 37(3):642-663.Zhao L M, Song Y, Yin J L. Cooperation among strategic emerging industries, traditional industries and gov-ernment based on different game[J]. Systems Engineering—Theory&Practice, 2017, 37(3):642-663.
[15]韩立岩,蔡红艳.我国资本配置效率及其与金融市场关系评价研究[J].管理世界,2002(1):65-70.Hajn L Y, Cai H Y. Research on the allocation efficiency of capital and its relationship with financial market in China[J]. Management World, 2002(1):65-70.
[16]韩立岩,王哲兵.我国实体经济资本配置效率与行业差异[J].经济研究,2005(1):77-84.Han L Y, Wang Z B. Real economy capital allocation of China with industry divergence[J]. Economic Research Journal, 2005(1):77-84.
[17]刘梅生.我国银行信贷与产业结构变动关系的实证研究[J].南方金融,2009(7):24-26.Liu M S. An empirical study of the relationship between credit and change of industry structure in China[J].South China Finance, 2009(7):24-26.
[18]吕健.产业结构调整、结构性减速与经济增长分化[J].中国工业经济,2012(9):31-43.Lii J. Industrial structure adjusting, structural decelerating and economic growth divergenting[J]. China Industrial Economics, 2012(9):31-43.
[19]邵平,秦龙,孔爱国.商业银行对产业发展的催化——来自中国的证据(1991-2006)[J].金融研究,2007(12):113-124.Shao P, Qin L, Kong A G. Commercial banking's catalysis role for the industries development—Based on the Data from 1991-2016 of China[J]. Journal of Financial Research, 2007(12):113-124.
[20]白钦先,高霞.日本产业结构变迁与金融支持政策分析[J].现代日本经济,2015(2):1-11.Bai Q X, Gao X. An analysis of evolution of industrial structure and financial policies in Japan[J]. Contemporary Economy of Japan, 2015(2):1-11.
[21]刘培森,尹希果.银行业结构、空间溢出与产业结构升级[J].金融评论,2015, 7(1):51-63.Liu P S, Yin X G. Banking structure, spatial spillover and industrial structure upgrade[J]. Chinese Review of Financial Studies, 2015, 7(1):51-63.
[22]杨秋海·银行业结构对产业结构升级影响的机制分析——荃于技术进步和金融约束减轻的角度[J].上海金融,2016(9):13-19.Yang Q H. Research on the impact of banking structure on industrial structure upgrading_Based on the perspective of technological progress and financial constraint reduction[J]. Shanghai Finance, 2016(9):13-19.
[23] Murphy K M, Shleifer A, Vishny R W. Industrialization and the big push[J], Journal of Political Economy, 1989,97(5):1003-1026.
[24]万晓玲,李瑞海,陈宏民.产业因素对企业兼并频率影响的实证研究[J].系统工程理论与实践,2007, 27(12):133-138.Wan X L, Li R H, Chen H M. The empirical research of the influence on industry's factors of Chinese M&A activity[J]. Systems Engineering—Theory&Practice, 2007, 27(12):133-138.
1.赫芬达指数法:Herfindhal,赫芬达指数反映市场竞争的均衡状态,公式为10000乘以行业内各厂商市场份额的平方之和.设某一经济社会内仅有三家银行.第一种情况,市场份额分别为50%、25%、25%,赫芬达指数:10000*(0.52+0.252+0.252)=3750.此处由于无法获得行业内所有企业的市场份额数据,因此采用同一行业所有上市公司占比的平方和.
2.此处由于篇幅有限,仅选取了部分重要的行业数据.
3. PC:基于销售收入的市场前五大企业的市场份额占行业总额比.
4. PS:民营产业占行业的比重(按资产规模计算).
5. 2010年9月8日,国务院通过了《关于加快培育和发展战略性新兴产业的决定》,确定现阶段我国重点发展节能环保、新一代信息技术、生物、高端装备制造、新能源、新材料和新能源汽车等七大战略性新兴产业.
6.详见深交所2010年9月30日第33期(总第66期)研究简报,由深交所综合研究所中小企业研究小组撰写.
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