摘要
本文以2005~2017年制造业企业成本黏性为研究对象,考察我国以银行信贷为主的金融体系发展对企业成本黏性的影响。研究发现,总体上金融发展缓解了制造业企业成本黏性,并且上述效应在民营企业中更加显著。本文用金融发展替代变量、考虑金融危机和地区金融发展差异等因素进行稳健性检验,并用2013年中国人民银行放松贷款利率管制作为外生事件克服内生性问题之后,实证结果依然存在。机制检验发现,金融发展促使企业投资有形资产与持有现金之间的独立性增强,改善企业利用抵押有形资产获取抵押贷款的行为,在优化企业资源配置的同时有利于缓解成本黏性。本文从经营风险视角探究金融发展形成的微观效应,研究结论为说明我国银行信贷金融市场深化发展对微观企业产生深刻影响提供了理论依据,为金融发展有助于经济增长提供了微观经验证据。
Cost stickiness measures the sensitivity of reduction in a firm’s suboptimal costs to changes in a firm’s production activity.We study the effect of the development of the bank-based financial system in China on a firm’s cost stickiness.Using a sample of non-financial firms listed on the Chinese stock exchanges for the period of 2005 to 2017,we find a firm’s cost stickiness is negatively associated with a measure of financial development.Due to the differential development of the banking system,the negative relation interacts with a firm’s ownership structure and geographical location and is stronger for non-state-owned enterprises.A battery of additional tests shows that the baseline results are free of sample selection bias and are robust to alternative measures of financial development.The event that the People Bank of China lifted regulation restrictions on loan interests in 2013 is used as an exogeoneous shock to deal with the endogeneity issue,and the main result continues to hold.Further analysis reveals that financial development lowers cost stickiness through reducing the dependence of a firm’s cash holdings on its tangible assets,which can be readily used as collaterals for bank loans when needed.Our results support the view that financial development in China can have a firm-level impact and thus extend the evidence on the relation between financial development and economic growth.
作者
惠丽丽
谢获宝
杨伟伟
Lili Hui;Huobao Xie;Weiwei Yang(Management School,Wuhan University of Technology,Wuhan,Hubei,China 430070;Economics and Management School,Wuhan University,Wuhan,Hubei,China 430072)
出处
《当代会计评论》
2020年第3期122-143,共22页
Contemporary Accounting Review
基金
国家自然科学基金青年项目“营改增对制造业服务化升级的溢出效应及其传导机制研究”(71803146)
教育部人文社会科学研究规划基金项目“去杠杆影响企业风险承担的经济后果、机制路径及优化策略研究”(19YJA630093)
中央高校基本科研业务费专项资金(413000182,2020VI031)的资助
关键词
金融发展
银行信贷
成本黏性
产权性质
financial system development
bank credit
cost stickiness
ownership structure