银行竞争如何影响企业负债率——中国的事实与解释
|
摘要
当前高负债率已经成为困扰中国经济可持续增长的核心问题之一。基于中国工业部门负债率逐步下降以及不同所有制企业负债率差异性特征这两大典型事实,本文尝试从中国银行异地市场准入管制放松政策所带来的银行竞争加剧的角度,来研究和揭示银行体系对企业负债率所造成的影响效应及其作用机制。主要的经验发现:总体来看,中国情景下银行竞争对企业负债率造成的是显著倒U型作用效应,表明在那些银行竞争程度没有超过一定门槛的地区中,银行竞争对企业负债率产生了促进效应,而在那些银行竞争程度超过一定门槛的地区中,银行竞争对企业负债率产生了抑制效应;从区分所有制类型的角度来看,银行竞争对不同所有制类型企业负债率造成的影响效应,存在显著的差异性特征,主要表现为银行竞争促进了国有企业负债率提升,对民营企业负债率造成的是倒U型作用效应,对港澳台企业负债率造成的是抑制效应,而对外商投资企业并未产生显著影响。后续的机制研究发现,股份制商业银行和城市商业银行的异地市场进入所导致的银行竞争,是银行体系对企业负债率产生如此复杂影响效应的重要渠道。本文的经验证据为从推进银行体系体制改革的角度,来合理控制和降低中国工业部门的负债率,提供了有价值的政策参考依据。
The main empirical findings are as follows: Generally speaking, in China, bank competition has a significant inverted U-shaped effect on firm debt ratio, which indicates that in areas where bank competition does not exceed a certain threshold, bank competition has a positive effect on firm debt ratio, while in those areas where bank competition exceeds a certain threshold, bank competition has a positive effect on firm debt ratio. In the threshold areas, bank competition has a restraining effect on the firm debt ratio; from the perspective of distinguishing ownership types, there are significant differences in the impact of bank competition on the firm debt ratio of different ownership types. The main manifestation is that bank competition promotes the increase of the debt ratio of state-owned firms and private firms. The debt ratio of enterprises has an inverted U-shaped effect, while it has a restraining effect on the debt ratio in HMT firms, but has no significant effect on Foreign-invested firms. Follow-up mechanism study found that bank competition caused by joint-stock commercial banks and city commercial banks' entry into different markets is an important channel for the banking system to have such a complex impact on firm debt ratio. The empirical evidence in this paper provides valuable policy references for reasonably controlling and reducing the debt ratio of China' s industrial sector from the perspective of promoting the reform of the banking system.
The main empirical findings are as follows: Generally speaking, in China, bank competition has a significant inverted U-shaped effect on firm debt ratio, which indicates that in areas where bank competition does not exceed a certain threshold, bank competition has a positive effect on firm debt ratio, while in those areas where bank competition exceeds a certain threshold, bank competition has a positive effect on firm debt ratio. In the threshold areas, bank competition has a restraining effect on the firm debt ratio; from the perspective of distinguishing ownership types, there are significant differences in the impact of bank competition on the firm debt ratio of different ownership types. The main manifestation is that bank competition promotes the increase of the debt ratio of state-owned firms and private firms. The debt ratio of enterprises has an inverted U-shaped effect, while it has a restraining effect on the debt ratio in HMT firms, but has no significant effect on Foreign-invested firms. Follow-up mechanism study found that bank competition caused by joint-stock commercial banks and city commercial banks' entry into different markets is an important channel for the banking system to have such a complex impact on firm debt ratio. The empirical evidence in this paper provides valuable policy references for reasonably controlling and reducing the debt ratio of China' s industrial sector from the perspective of promoting the reform of the banking system.
引文
(1)李扬、张晓晶、常欣等:《中国国家资产负债表2015-杠杆调整与风险管理》,北京:中国社会科学出版社,2015年。
(1)Chen, Z, Li, Y., Zhang, J.“, The bank-firm relationship:Helping or grabbing?” I nternational Review of Economics and Finance, 2016, 42. pp. 385-403.
(1)Allen, F., Qian, J., Qian, M.“, Law, Finance and Economic Growth in China,”J ournal of Financial Economics, 2005, 70(1), pp. 57-116.
(1)Allen, F., Qian, J., Zhang, C., Zhao, M.“, China’ sFinancial System:Opportunities and Challenges,”N BER Working Paper, 2012, No. 17828.
(1)Petersen, M. A., Rajan, R., G.“, The Effect of Credit Market Competition on Lending Relationships,”Q uarterly Journal of Economics, 1995, 110, pp. 407-443.
(2)Jackson, J., Thomas, A.“, Back Structure and New Business Creation:Lessons from an Earlier Time,”R egional Science and Urban Economics, 1995, 25,pp. 323-353.
(3)Jayaratne, J., Wolken, J.“,How Important Are Small Banks to Small Business Lending? New Evidence from a Survey of Small Firms,”Journal of Banking and Finance, 1999, 23, pp. 427-458.
(4)Cetorelli, N., Strahan, P. E.“, Finance as a Barrier to Entry:Bank Competition and Industry Structure in Local US. Markets,”J ournal or Finance, 2006, 61(1), pp. 437-461.
(5)林毅夫、孙希芳、姜烨:《经济发展中的最优金融结构理论初探》,《经济研究》2009年第8期。
(6)Kashyap, K. A., Rajan, R., Stein, J. C.“, Banks as Liquidity Providers:An Explanation for the Coexistence of Lending and Deposit-Taking,”J ournal of Finance, 2002, 57(1), pp. 33-73.
(1)Petersen, M. A.“, Information:Hard and Soft,”2 004, Working paper, http://www.kellogg.northwestern.edu/faculty/petersen/htm/working.htm.
(2)Petersen, M. A., Rajan, R. G.“, Does distance still matter:the information revolution in small business lending,”J ournal of Finance, 2002, 57, pp. 2533-2570.
(3)Li, K., Yue, H., Zhao, L.“, Ownership, Institutions and Capital Structure:Evidence from China,”J ournal of Comparative Economics, 2009, 37(3), pp. 471-490
(1)Akins, B., Li, L., Jeffrey Ng, Rusticus, T. O.“, Bank Competition and Financial Stability:Evidence from the Financial Crisis,”J ournal of Financial and Quantitative Analysis, 2016, 51(1). pp. 1-28.
(1)钟宁桦、刘志阔、何嘉鑫、苏楚林:《我国企业债务的结构性问题》,《经济研究》2016年第7期。
(1)Degryse, H., Ongena, S.“, The impact of competition on bank orientation,”J ournal of Finance Intermediation, 2007, 16. pp. 399-424.
(2)Agarwal, S., Hauswald, R.“, Distance and Private Information in Lending,”R eview of Finance Study, 2007, 23, pp. 2757-2788.
(3)Berger, A. N., Hasan, I., Zhou, M.“, The effects of focus versus diversification on bank performance:Evidence from Chinese banks,”S SRN Electronic Journal, 2011, 34. pp. 1417-1435.
(4)Chong, T. T. L., Lu, L., Ongena, S.“, Does Banking Competition Alleviate or Worsen Credit Constraints Faced by Small-and Medium-sized Enterprises?Evidence from China,”J ournal of Banking and Finance, 2013, 37(9). pp. 3412-3424.
(5)替换这其中的城市数量,结果均未有变化。
(1)Brandt, L., Van Biesebroeck, J., Zhang, Y.“, Challenges of Working with the Chinese NBS Firm-Level Data,”C hina Economic Review, 2014, 30. pp. 339-352.
(1)Chen, Z, Li, Y., Zhang, J.“, The bank-firm relationship:Helping or grabbing?” I nternational Review of Economics and Finance, 2016, 42. pp. 385-403.
(1)Allen, F., Qian, J., Qian, M.“, Law, Finance and Economic Growth in China,”J ournal of Financial Economics, 2005, 70(1), pp. 57-116.
(1)Allen, F., Qian, J., Zhang, C., Zhao, M.“, China’ sFinancial System:Opportunities and Challenges,”N BER Working Paper, 2012, No. 17828.
(1)Petersen, M. A., Rajan, R., G.“, The Effect of Credit Market Competition on Lending Relationships,”Q uarterly Journal of Economics, 1995, 110, pp. 407-443.
(2)Jackson, J., Thomas, A.“, Back Structure and New Business Creation:Lessons from an Earlier Time,”R egional Science and Urban Economics, 1995, 25,pp. 323-353.
(3)Jayaratne, J., Wolken, J.“,How Important Are Small Banks to Small Business Lending? New Evidence from a Survey of Small Firms,”Journal of Banking and Finance, 1999, 23, pp. 427-458.
(4)Cetorelli, N., Strahan, P. E.“, Finance as a Barrier to Entry:Bank Competition and Industry Structure in Local US. Markets,”J ournal or Finance, 2006, 61(1), pp. 437-461.
(5)林毅夫、孙希芳、姜烨:《经济发展中的最优金融结构理论初探》,《经济研究》2009年第8期。
(6)Kashyap, K. A., Rajan, R., Stein, J. C.“, Banks as Liquidity Providers:An Explanation for the Coexistence of Lending and Deposit-Taking,”J ournal of Finance, 2002, 57(1), pp. 33-73.
(1)Petersen, M. A.“, Information:Hard and Soft,”2 004, Working paper, http://www.kellogg.northwestern.edu/faculty/petersen/htm/working.htm.
(2)Petersen, M. A., Rajan, R. G.“, Does distance still matter:the information revolution in small business lending,”J ournal of Finance, 2002, 57, pp. 2533-2570.
(3)Li, K., Yue, H., Zhao, L.“, Ownership, Institutions and Capital Structure:Evidence from China,”J ournal of Comparative Economics, 2009, 37(3), pp. 471-490
(1)Akins, B., Li, L., Jeffrey Ng, Rusticus, T. O.“, Bank Competition and Financial Stability:Evidence from the Financial Crisis,”J ournal of Financial and Quantitative Analysis, 2016, 51(1). pp. 1-28.
(1)钟宁桦、刘志阔、何嘉鑫、苏楚林:《我国企业债务的结构性问题》,《经济研究》2016年第7期。
(1)Degryse, H., Ongena, S.“, The impact of competition on bank orientation,”J ournal of Finance Intermediation, 2007, 16. pp. 399-424.
(2)Agarwal, S., Hauswald, R.“, Distance and Private Information in Lending,”R eview of Finance Study, 2007, 23, pp. 2757-2788.
(3)Berger, A. N., Hasan, I., Zhou, M.“, The effects of focus versus diversification on bank performance:Evidence from Chinese banks,”S SRN Electronic Journal, 2011, 34. pp. 1417-1435.
(4)Chong, T. T. L., Lu, L., Ongena, S.“, Does Banking Competition Alleviate or Worsen Credit Constraints Faced by Small-and Medium-sized Enterprises?Evidence from China,”J ournal of Banking and Finance, 2013, 37(9). pp. 3412-3424.
(5)替换这其中的城市数量,结果均未有变化。
(1)Brandt, L., Van Biesebroeck, J., Zhang, Y.“, Challenges of Working with the Chinese NBS Firm-Level Data,”C hina Economic Review, 2014, 30. pp. 339-352.