Please wait a minute...
金融研究  2019, Vol. 466 Issue (4): 39-55    
  本期目录 | 过刊浏览 | 高级检索 |
银行业市场结构对企业生产率的影响——来自工业企业的经验证据
蔡卫星
广东财经大学金融学院/珠三角科技金融产业协同创新发展中心,广东广州 510320
The Impact of Banking Market Structure on Productivity:Evidence from Industrial Enterprises
CAI Weixing
School of Finance, Guangdong University of Finance and Economics
下载:  PDF (1483KB) 
输出:  BibTeX | EndNote (RIS)      
摘要 本文在充分考虑中国信贷市场本地竞争特征的基础上,利用手工收集的商业银行分支机构独特数据构造了城市层面的银行业市场结构指标,并将其与2002-2007年中国工业企业数据库进行合并构造基础数据库,考察了银行业市场结构对企业生产率的影响。研究发现:首先,一个更具竞争性的银行业市场结构显著提高了企业生产率,这支持了银行业市场结构的“市场力量假说”;其次,从影响机制来看,一个更具竞争性的银行业市场结构更有利于缓解企业面临的融资约束;最后,银行业市场结构对企业生产率的影响在那些面临更多融资约束的企业中更为显著,小企业、非国有企业、新企业和高技术行业的企业从银行业竞争中获益更大。
服务
把本文推荐给朋友
加入引用管理器
E-mail Alert
RSS
作者相关文章
蔡卫星
关键词:  银行业  市场结构  企业生产率  融资约束    
Summary:  The duty of the financial sector is to serve the real economy. In the new era, the core mission of the financial sector is to support high-quality development in the real economy. To this end, China's central government recently proposed a structural reform of the financial supply side. General Secretary Xi Jinping delivered an important speech to the Political Bureau of the Central Committee, emphasizing the need to deepen our understanding of the international and domestic financial situation and the structural reform of the financial supply to better service the real economy. The structural reform of China's banking industry is an important part of the structural reform of the financial supply side. With the continuous reform and opening up over the past four decades, the banking industry has gradually changed from a highly monopolized market structure to a more competitive one.
An important characteristic of the Chinese banking industry is its local markets, due to licensing controls and the restriction of business scope. The national commercial banks rely on local branches to compete with local, rural, and other commercial banks. Researchers thus need to measure the banking market structure at a more regional level. However, the lack of bank loan data at the regional level makes this difficult. Fortunately, the China Banking Regulatory Commission website provides unique data on the financial licenses of commercial bank branches, including information on the approval time and office location of each branch. We manually downloaded and collected the financial license information of all commercial bank branches, and constructed a municipal-level market structure measure.
Theoretically, there are two main views on banking market structure: the market power hypothesis and the information hypothesis. The basis of the market power hypothesis is classical industrial organization theory. Starting from the classical SCP monopoly leads to an insufficient loan supply and higher loan interest rates, while enhancing competition can reduce financing costs and increase credit. The market power hypothesis predicts a positive relation between competition in the banking sector and firm productivity. In contrast, the theoretical basis of the information hypothesis is information asymmetry. It considers that banks with strong market monopoly power are more likely to form long-term relations with borrower enterprises, and provide more contractual instruments to screen borrowers and reduce their moral hazard. As a result, more investment projects may receive bank loans, whereas market competition weakens the incentives for banks to establish good relations with enterprises and obtain corporate information, leading to a reduction in the availability of corporate finance.
Using a unique dataset for the period 2002-2007, we find that more intensive competition in the banking sector improves productivity, supporting the market power hypothesis. We also find strong evidence that financial constraints are reduced under a more competitive banking market structure. Furthermore, this effect is more pronounced for small enterprises, non-state-owned enterprises (NSOEs), young enterprises, and enterprises in high-tech industries.
The potential contributions of our paper are as follows. First, we construct the market structure of the Chinese banking industry at the municipal level, whereas most previous studies are concentrated at the national or provincial levels. Second, our findings complement the research on resource allocation and total factor productivity. While most discussion on this topic is focused on the impact of misallocation on total factor productivity, the more important issue is how to reduce the distortion of resource allocation. Third, our research is also related to the relationship between banking market structure and economic growth. We provide micro-level evidence based on enterprise data whereas most research is focused on the macro perspective. Last, our findings confirm the theory of optimal financial structure in economic development. According to this theory, China's optimal financial system should be dominated by small and medium regional banks rather than large banks.
Keywords:  Banking Industry    Market Structure    Productivity    Financial Constraints
JEL分类号:  G21   G30   D24  
基金资助: 本文感谢国家自然科学基金项目(71402005)、国家社科基金重大项目(14ZDA025)、北京市社科基金(15JGC155)以及广东财经大学南岭学者项目资助。
作者简介:  蔡卫星,经济学博士,副教授,广东财经大学金融学院、珠三角科技金融产业协同创新发展中心,E-mail:caiwx@gdufe.edu.cn.
引用本文:    
蔡卫星. 银行业市场结构对企业生产率的影响——来自工业企业的经验证据[J]. 金融研究, 2019, 466(4): 39-55.
CAI Weixing. The Impact of Banking Market Structure on Productivity:Evidence from Industrial Enterprises. Journal of Financial Research, 2019, 466(4): 39-55.
链接本文:  
http://www.jryj.org.cn/CN/  或          http://www.jryj.org.cn/CN/Y2019/V466/I4/39
[1]蔡卫星、高明华和李国文,2015,《政府支持、信贷可获得性与中小企业研发决策》,《研究与发展管理》第5期,第12~21页。
[2]蔡卫星和曾诚,2012,《市场竞争、产权改革与商业银行贷款行为转变》,《金融研究》第2期,第73~87页。
[3]范剑勇、冯猛和李方文,2014,《产业集聚与企业全要素生产率》,《世界经济》第5期,第51~73页。
[4]龚关和胡关亮,2013,《中国制造业资源配置效率与全要素生产率》,《经济研究》第4期,第4~15页。
[5]盖庆恩、朱喜、程名望和史清华,2015,《要素市场扭曲、垄断势力与全要素生产率》,《经济研究》第5期,第61~75页。
[6]何光辉和杨咸月,2012,《融资约束对企业生产率的影响——基于系统GMM方法的国企与民企差异检验》,《数量经济技术经济研究》第5期,第19~35页。
[7]简泽、张涛和伏玉林,2014,《进口自由化、竞争与本土企业的全要素生产率--基于中国加入WTO的一个自然实验》,《经济研究》第8期,第120~132页。
[8]林毅夫和孙希芳,2008,《银行业结构与经济增长》,《经济研究》第9期,第31~45页。
[9]林毅夫、孙希芳和姜烨,2009,《经济发展中的最优金融结构理论初探》,《经济研究》第8期,第4~17页。
[10]林毅夫和李永军,2001,《中小金融机构发展与中小企业融资》,《经济研究》第1期,第10~18页。
[11]鲁晓东和连玉君,2012,《中国工业企业全要素生产率估计:1999-2007》,《经济学季刊》第2期,541~558页。
[12]聂辉华、江艇和杨汝岱,2012,《中国工业企业数据库的使用现状和潜在问题》,《世界经济》第5期,第142~158页。
[13]任曙明和吕镯,2014,《融资约束、政府补贴与全要素生产率-来自中国装备制造企业的实证研究》,《管理世界》第11期,第10~23页。
[14]钱学锋、王胜、黄云湖和王菊英,2011,《进口种类与中国制造业全要素生产率》,《世界经济》第5期,第3~25页。
[15]谭之博和赵岳,2012,《银行集中度、企业储蓄与经常账户失衡》,《经济研究》第12期,第55~68页。
[16]王芃和武英涛,2014,《能源产业市场扭曲与全要素生产率》,《经济研究》第6期,第142~155页。
[17]王燕梅,2000,《高技术产业化中的融资问题研究》,《中国工业经济》 第9期,第67~71页。
[18]杨汝岱,2015,《中国制造业企业全要素生产率研究》,《经济研究》第2期,第61~74页。
[19]张杰、周晓艳和李勇,2011,《要素市场扭曲抑制了中国企业R&D?》,《经济研究》第8期,第78~91页。
[20]张杰、芦哲、郑文平和陈志远,2012,《融资约束、融资渠道与企业R&D投入》,《世界经济》第10期,第66~90页。
[21]刘伟和黄桂田,2003,《银行业的集中、竞争与绩效》,《经济研究》第11期,第14~21页。
[22]张健华、王鹏和冯根福,2016,《银行业结构与中国全要素生产率——基于商业银行分省数据和双向距离函数的再检验》,《经济研究》第11期,第110~124页。
[23]Aghion, P., G. Angeletos, A. Banerjee, and K. Manova, 2005, “Volatility and Growth: Credit Constraints and Productivity-Enhancing Investment,” NBER Working Paper No. 11349
[24]Agostino,M., and F. Trivieri.,2010,“Is Banking Competition Beneficial to SMEs? An Empirical Study Based on Italian Data”, Small Business Economics, 35( 3) ,35~355.
[25]Arestis, P., P. Demetriades, and B. Fattouh, 2003, “Financial Policies and the Aggregate Productivity of the Capital Stock: Evidence from Developed and Developing Economies”, Eastern Economic Journal, 29, 217~42.
[26]Ayyagari, M., A. Demirgüç-Kunt, and V. Maksimovic,2010, “Formal Versus Informal Finance: Evidence from China”,Review of Financial Studies, 23(8),3048~3097
[27]Badia,M. and V. Slootmaekers,2009,“The Missing Link Between Financial Constraints and Productivity”, IMF Working Paper No.WP/09/72.
[28]Bah R, and Dumontier P,2011, “R&D Intensity and Corporate Financial Policy: Some International Evidence”, Journal of Business Finance and Accounting, 28(5/6),672~692.
[29]Beck,T.,A. Demirguc-Kunt, and V. Maksimovic, 2004,“Bank Competition and Access to Finance: International Evidence ”,Journal of Money,Credit,and Banking,36 ( 3),627—648.
[30]Bester,H.,1987,“The Role of Collateral in Credit Markets with Imperfect Information”,European Economic Review,31,887~899.
[31]Bollard, A.,P. Klenow.,and H. Y. Li., 2014, "Entry Costs Rise with Development" ,Stanford Institute for Economic Policy Research Working Paper.
[32]Brandt L. and Li H., 2003, “Bank Discrimination in Transition Economies: Ideology, Information, or Incentives?” ,Journal of Comparative Economics, 31(3), 387~413.
[33]Claessens, S. and Tzioumis, K., 2006, “Measuring Firms’ Access to Finance”, World Bank Working Paper.
[34]Fazzari, S. M., Hubbard, R. G. and Petersen, B. C., 1988, “Financial Financing Constraints and Corporate Investment”, Brooking Papers on Economic Activity, Vol. 19(1), pp.141~206.
[35]Gatti, R., and I. Love, 2008, “Does Access to Credit Improve Productivity? Evidence from Bulgarian Firms?” , Economics of Transition , 16 (3), 445~65.
[36]Guariglia, A., Liu. X., Song, L.,2011. “Internal Finance and Growth: Microeconometric Evidence on Chinese Firms” .Journal of Development Economics, 96(1):79~94.
[37]Hsieh, C.T., and P. Klenow. , 2009, “Misallocation and Manufacturing TFP in China and India” , Quarterly Journal of Economics,124(4),1403~1448.
[38]Jayaraman, Sudarshan and Kothari, S.P.,2016, “Cross-Border Financing by the Industrial Sector Increases Competition in the Domestic Banking Sector”. Accounting Review, 91(2): 535~558
[39]King R G, and Levine R.,1993, “Finance, Entrepreneurship and Growth: Theory and Evidence”, Journal of Monetary Economics, 32(3):513~542.
[40]King R G, and Levine R.,1993, “ Finance and growth : Schumpeter might be right”, Quarterly Journal of Economics, 108(4):717~738.
[41]Leroy, A., 2016, “Banking Competition, Financial Dependence and Productivity Growth in Europe”,SSRN Working Paper.
[42]Levinsohn, J., and A. Petnn, 2003, “Estimating Production Functions using Inputs to Control for Unobservables ” , Review of Economic Studies, 70(2), 317~341.
[43]Lin, J. Y., Sun, X., and Wu, H. X., 2012, “Banking Structure, Labor Intensity, and Industrial Growth: Evidence from China”, World Bank Working Paper.
[44]Love, I. and M. Peria, 2014, “How Bank Competition Affects Firm’s Access to Finance” ,The World Bank Economic Review, Vol.29(3):413~448.
[45]Myers,S. and N. Majluf,1984,“Corporate Financing and Investment Decisions When Firms Have Information that Investors do Not Have”, Journal of Financial Economics,13(2),187~221.
[46]Petersen, M. A., 2009, “Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches”, Review of Financial Studies, 22(1), 435~480.
[47]Petersen, M. A., and Rajan, R. G.1994, “The Benefits of Lending Relationships: Evidence from Small Business Data”. Journal of Finance, 49(1), 3~37.
[48]Restuccia, D., and R. Rogerson., 2008, “Policy Distortions and Aggregate Productivity with Heterogeneous Establishments”, Review of Economic Dynamics, 11 (4) ,707~720.
[49]Rioja, F., and N. Valev, 2004, “Finance and the Sources of Growth at Various Stages of Economic Development,” Economic Inquiry, 42 (1), 127~140.
[50]Syverson,C.,2011,“What Determines Productivity?”,Journal of Economic Literature,49(2),326~365.
[1] 徐明东, 陈学彬. 中国上市企业投资的资本成本敏感性估计[J]. 金融研究, 2019, 470(8): 113-132.
[2] 余明桂, 钟慧洁, 范蕊. 民营化、融资约束与企业创新——来自中国工业企业的证据[J]. 金融研究, 2019, 466(4): 75-91.
[3] 魏浩, 白明浩, 郭也. 融资约束与中国企业的进口行为[J]. 金融研究, 2019, 464(2): 98-116.
[4] 刘行, 吕长江. 企业避税的战略效应——基于避税对企业产品市场绩效的影响研究[J]. 金融研究, 2018, 457(7): 158-173.
[5] 钱雪松, 徐建利, 杜立. 中国委托贷款弥补了正规信贷不足吗?[J]. 金融研究, 2018, 455(5): 82-100.
[6] 徐璐, 叶光亮. 银行业竞争与市场风险偏好选择——竞争政策的金融风险效应分析[J]. 金融研究, 2018, 453(3): 105-120.
[7] 黎文靖, 李茫茫. “实体+金融”:融资约束、政策迎合还是市场竞争?——基于不同产权性质视角的经验研究[J]. 金融研究, 2017, 446(8): 100-116.
[8] 刘啟仁, 黄建忠. 人民币汇率变动与出口企业研发[J]. 金融研究, 2017, 446(8): 19-34.
[9] 吕越, 吕云龙, 包群. 融资约束与企业增加值贸易——基于全球价值链视角的微观证据[J]. 金融研究, 2017, 443(5): 63-80.
[10] 张璇, 王鑫, 刘碧. 吃喝费用、融资约束与企业出口行为——世行中国企业调查数据的证据[J]. 金融研究, 2017, 443(5): 176-190.
[11] 戴严科, 林曙. 利率波动、融资约束与存货投资——来自中国制造业企业的证据[J]. 金融研究, 2017, 442(4): 95-111.
[12] 张海洋. 融资约束下金融互助模式的演进——从民间金融到网络借贷[J]. 金融研究, 2017, 441(3): 101-115.
[13] 祝树金, 赵玉龙. 资源错配与企业的出口行为——基于中国工业企业数据的经验研究[J]. 金融研究, 2017, 449(11): 49-64.
[14] 边文龙, 沈艳, 沈明高. 银行业竞争度、政策激励与中小企业贷款——来自14省90县金融机构的证据[J]. 金融研究, 2017, 439(1): 114-129.
[15] 向训勇, 陈婷, 陈飞翔. 进口中间投入、企业生产率与人民币汇率传递——基于我国出口企业微观数据的实证研究[J]. 金融研究, 2016, 435(9): 33-49.
[1] 王曦, 朱立挺, 王凯立. 我国货币政策是否关注资产价格?——基于马尔科夫区制转换BEKK多元GARCH模型[J]. 金融研究, 2017, 449(11): 1 -17 .
[2] 刘勇政, 李岩. 中国的高速铁路建设与城市经济增长[J]. 金融研究, 2017, 449(11): 18 -33 .
[3] 况伟大, 王琪琳. 房价波动、房贷规模与银行资本充足率[J]. 金融研究, 2017, 449(11): 34 -48 .
[4] 祝树金, 赵玉龙. 资源错配与企业的出口行为——基于中国工业企业数据的经验研究[J]. 金融研究, 2017, 449(11): 49 -64 .
[5] 陈德球, 陈运森, 董志勇. 政策不确定性、市场竞争与资本配置[J]. 金融研究, 2017, 449(11): 65 -80 .
[6] 牟敦果, 王沛英. 中国能源价格内生性研究及货币政策选择分析[J]. 金融研究, 2017, 449(11): 81 -95 .
[7] 高铭, 江嘉骏, 陈佳, 刘玉珍. 谁说女子不如儿郎?——P2P投资行为与过度自信[J]. 金融研究, 2017, 449(11): 96 -111 .
[8] 吕若思, 刘青, 黄灿, 胡海燕, 卢进勇. 外资在华并购是否改善目标企业经营绩效?——基于企业层面的实证研究[J]. 金融研究, 2017, 449(11): 112 -127 .
[9] 姜军, 申丹琳, 江轩宇, 伊志宏. 债权人保护与企业创新[J]. 金融研究, 2017, 449(11): 128 -142 .
[10] 刘莎莎, 孔高文. 信息搜寻、个人投资者交易与股价联动异象——基于股票送转的研究[J]. 金融研究, 2017, 449(11): 143 -157 .
Viewed
Full text


Abstract

Cited

  Shared   
  Discussed   
版权所有 © 《金融研究》编辑部
本系统由北京玛格泰克科技发展有限公司设计开发 技术支持:support@magtech.com.cn
京ICP备11029882号-1