谁遭遇了“信贷歧视”?——基于中国资本市场特征的经验证据

Who Suffers from “Credit Discrimination”?:Based on the Characteristics of Chinese Capital Market

本文以2007—2017年发行债券的公司为样本,从授信获得额、授信中的议价能力两个角度,探究中国资本市场长期实行严格的市场准入管制、上市公司在地区间分布极不均衡等事实,对“信贷歧视”的影响。研究发现,国有企业获得更多银行授信,这一关系仅存于非上市公司,上市公司中并未获得一致证据;上市公司中的“信贷歧视”,仅存于上市公司较多地区。以双边随机边界模型验证授信时企业议价能力,发现国有属性增强企业议价能力的现象,仅存于非上市公司和上市公司数量较多地区的上市公司中。以上结果表明,非国有企业并不必然遭遇“信贷歧视”,真正遭遇歧视的是更为广泛的未上市的非国有企业。

To explore the problem of“credit discrimination”in China,we can’t do without the specific background of Chinese capital market.Based on the fact that Chinese capital market has implemented strict market access control for a long time and the listed companies are very unevenly distributed among regions,this paper takes the companies that issued bonds from 2007 to 2017 as a sample and explores the influence of such factors as whether they are listed or not and the number of listed companies in the region on“credit discrimination”from the perspective of credit access and bargaining power in credit extension,so as to answer who has encountered“credit discrimination”.It is found that state-owned enterprises get more bank credit,which only exists in non-listed companies,and there is no consistent evidence in listed companies;the“credit discrimination”in listed companies only exists in regions with more listed companies,and there is no significant difference in regions with less listed companies.This paper uses the bilateral stochastic boundary model to verify the bargaining power of enterprises when granted credit.It is found that the state-owned property can enhance the bargaining power of enterprises in the unlisted companies and the listed companies in the regions with a large number of listed companies.In the regions with few listed companies,the state-owned listed companies have no stronger bargaining power.The above results show that the non-state-owned enterprises do not necessarily encounter“credit discrimination”which only occurs in the circumstance where the importance of listed companies to local governments is low.It is the larger number of unlisted non-state-owned enterprises that actually encounter discrimination.