地方监管体制对担保行业发展的影响——来自中国的证据

The Effects of Local Regulatory System on Credit Guarantee Industry——Evidence from China

本文分析地方监管体制对中国担保行业发展的影响。基于研究期内不同地区担保机构由不同部门监管的差异化特征,采用分省数据研究发现,与综合经济部门的监管相比,金融办(局)的监管更有利于担保机构业务量扩大、经营能力提升和风险降低,且这种差异在金融业依存度较高的地区更为突出。同时,金融办(局)对担保行业的监管表现出更为审慎的监管倾向,使得对应地区的民营担保机构数量更少。本文进一步引入分管不同部门的省级官员的行政排序作为工具变量来处理可能的内生性问题,实证结果表明结论基本稳健。

This paper empirically analyzes the role of local regulatory system in credit guarantee industry in China.Based on the feature of differential regulation on credit guarantee companies in provincial level,the paper finds stronger ability and lower risk of the credit guarantee industry under regulation of financial departments than those under regulation of comprehensive economic departments,particularly in provinces with higher financial development levels.Moreover,the financial departments regulate the industry in a more prudential way such that there are less private-owned companies in provinces where they are in charge.Using the relative ranks of provincial officials in charge of the two types of departments as IV,we run the two-stage least square regression and prove the empirical findings are mostly robust.