银行业“松绑”与企业“走出去”:基于中国工业企业数据的分析

“Unbindingis” of Banking Industry andes “Going Overseas” of Enterpr:An Analysis Based on China’s Industrial Enterprise Data

中国银行业在金融体系中起着关键性的作用,一直是金融发展的重要部分。进入21世纪以来,中国银行业以国有银行为主的结构出现了重大变革,银行业竞争程度不断提高。关于银行业竞争的经济效应存在"市场势力假说"和"信息假说"两个假说,本文尝试在银行准入管制放松政策的背景下和鼓励企业"走出去"的情境下,利用匹配的微观层面数据来实证检验以上的假说,主要得到以下几个结论:首先,银行业"松绑"有助于企业"走出去";其次,采取倾向性得分匹配方法应对样本选择问题,并用工具变量方法应对内生性问题后,这一结论依然成立;最后,银行业"松绑"引起的融资成本下降是银行业"松绑"影响企业"走出去"的重要渠道,企业"走出去"的分析结果也支持了中国情境下银行业"松绑"的"市场势力假说"。本文的研究为银行业改革与企业对外直接投资的关系提供了重要证据,并验证了中国情境下银行业"松绑"的"市场势力假说"和"信息假说",有助于更加深刻地理解和评估中国银行业改革的经济效应,对更好推动"一带一路"建设有着重要意义。

The banking industry is a key element of China’s financial system and financial development.Since entry into the 21 stcentury,China’s banking dominated by state-owned banks has transformed the structure,with banking competition constantly increasing.There are two hypotheses about the economic effect of banking competition,namely"market power hypothesis"and"information hypothesis".In this paper,we try to empirically test the above two hypotheses by using the matched microdata in the background of deregulation of China’s banking access and policies encouraging Chinese enterprises to go out to the international market.The paper has several findings.First of all,the"unbinding"of the banking industry helps enterprises to"go out"from domestic market to international market.Second,after correcting the sample bias with propensity score matching and potential endogenous problems with instrumental variables,the results remain unchanged.Third,the financing cost decrease caused by the"unbinding"of the banking industry is the major mechanism of the"unbinding"influencing the"going out"of enterprises.The analysis results of enterprises’"going out"support the"market power hypothesis"for China.This paper provides important evidence on the relationship between banking reform and enterprise outward direct investment and verifies the"market power hypothesis"and"information hypothesis"in the context of the"unbinding"of China’s banking industry.It will be helpful to better understand and evaluate the economic effect of China’s banking reform and significant to promote the"Belt and Road Initiative".