摘要
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".
作者
余静文
惠天宇
矫欣蕊
Yu Jingwen;Hui Tianyu;Jiao Xinrui
出处
《统计研究》
CSSCI
北大核心
2021年第4期89-102,共14页
Statistical Research
基金
国家自然科学基金国际合作项目“法、金融与经济增长之再考察——中国的变革挑战与英国等国的经验”(71661137003)
教育部哲学社会科学研究重大课题攻关项目“经济发展新常态下我国货币政策体系建设研究”(17JZD013)
武汉大学人文社会科学学术团队项目“发展经济学研究的新思路”
关键词
银行业竞争
对外直接投资
经济转型
Banking Competition
Outward Foreign Direct Investment
Economic Transformation