银行负债结构与企业信贷获取

Banks’ Liability Structure and Enterprises’ Credit Access

在“负债驱动资产”的经营模式下,我国银行存款获取困境与企业信贷获取困境紧密捆绑。本文利用2010—2019年我国上市公司两万余笔银行授信数据以及相应银行、企业的财务数据,通过匹配博弈和基于机器学习的反事实分析,研究了银行负债结构对企业信贷获取的影响。结果发现:(1)从信贷供给视角看,具有高核心负债占比的银行提供更多信贷供给,企业信贷获取规模的变化主要由供给因素驱动。(2)从银企匹配结构视角看,具有“轻资产”特征的银行依赖型企业更容易与核心负债占比较高的银行形成信贷关系,这种银企匹配模式能够产生更高的匹配价值。(3)反事实分析的结果表明,提高银行核心负债占比将增加银行信贷供给、改善银企匹配结构,并缓和企业面临的特质性银行信贷冲击,着重改善中小银行负债结构具有更显著的效果。本文的研究结论能够较好地解释中国经济当前面临的“捆绑的融资困境”问题,相应提出的政策建议有助于更好地实现“金融服务实体经济”的根本任务,促进金融与实体经济协调发展。

Quality and sufficient credit resource is crucial to promoting healthy and orderly economic growth.However,the problem of difficult and expensive financing faced by enterprises in China has always been standing.Academics generally believe that the development of small and medium-sized banks is the key to solving this problem under the current economic structure of China.However,with the booming development of small and medium-sized banks,the financing dilemma of enterprises has not been fundamentally solved.The synergistic characteristics of banks’asset-side and liability-side activities require banks to maintain sufficient core liabilities to support credit operations,and the bank-enterprise matching pattern in the credit market also requires that banks’core liabilities must be sufficient and robust to better support the development of bank-dependent enterprises.Against the background of the overall deterioration of the liability structure of the banking system in the last decade,with small and medium-sized banks suffering more severe shocks,increasing the core liabilities to assets(L/A)ratio in the banking system is the key to solving the financing dilemma effectively.Using more than 20,000 bank credit granting records of listed enterprises in China from 2010 to 2019 and the financial data of corresponding banks and enterprises,this paper explores in detail the relationship between banks’liability structure and enterprises’credit access from two perspectives,namely,credit supply and bank-enterprise matching structure,using matching game and machine learning methods.The main findings are as follows.(1)Banks with high core L/A ratio provide more credit supply,and the change in the scale of enterprises’credit access is mainly driven by credit supply factors.(2)Bank-dependent enterprises with light assets are more likely to form credit relationships with banks with high core L/A ratio.This type of bank-enterprise matching pattern can generate higher matching value,and this phenomenon is more prominent among small and medium-sized banks.(3)Increasing the core L/A ratio of banks is conducive to increasing the supply of bank credit,improving the bank-enterprise matching structure,and effectively mitigating the average idiosyncratic bank credit shocks faced by enterprises.Furthermore,this effect is more significant when focusing on improving the liability structure of small and medium-sized banks.In view of the current practice of banking industry in China,the following policy implications are generated according to the results of this paper.(1)It is necessary to break the rigid redemption of various wealth management products to eliminate their deposit-like attributes,and to guide the low-risk-appetite funds to return to the deposit market.(2)It is required to promote differentiated competition among banks,to motivate small and medium-sized banks to form a business philosophy of taking root in and serve local areas,to moderately restrict their off-site operations,and to crack down on the practice of high interest rates for deposits.(3)It is expected to strengthen the business synergy between the asset side and liability side of banks,to push forward the reasonability of interest rates in the deposit market through in-depth loan prime rate(LPR)reform.(4)It is compelling to seriously confront the impact of activities conducted across financial fields led by non-banking financial institutions such as internet finance enterprises and corporate finance enterprises on the banking system,and to reasonably control the scale of their business development in order to prevent their disorderly expansion.The contributions of this paper are mainly reflected in the following three aspects.First,from the perspectives of both credit supply and bank-enterprise matching structure,we analyze the impact of banks’core L/A ratio on enterprises’credit access,which provides feasible ideas for breaking enterprises’financing dilemma.Second,using the counterfactual analysis framework,we discuss the economic consequences of improving banks’liability structure,and concretely show the importance and necessity of doing so,providing solid theoretical reference for the structural design of policy tools.Third,we examine the impact of banks’wealth management products,internet finance enterprises,and corporate finance enterprises on China’s real economy from the perspective of banking system.