金融开放与资源配置效率——来自外资银行进入中国的证据

Financial Openness and Resource Allocation Efficiency——Evidence from Foreign Banks Entering China

金融开放是中国经济转型时期市场化改革和对外开放的关键环节,对打通国内国际双循环、充分发挥市场在资源配置中的决定性作用至关重要。针对金融开放是否能够通过提升资源配置效率助力中国经济高质量发展,本文以中国工业企业数据库的企业为样本,通过中国加入世界贸易组织后外资银行分步进入的准自然实验,实证检验了金融开放对行业资源配置和生产效率的作用机制及效果。研究发现:①外资银行进入显著降低了城市—行业层面全要素生产率离散度,使资源配置效率得以提高。②外资银行进入通过资金融通渠道和资金使用渠道,缓解了企业的融资约束,增加了固定资产投资和研发支出,对高盈利能力非国有企业的资本形成和技术创新具有促进作用。③外资银行进入对行业资源配置的优化效果具有异质性,当城市—行业融资约束更强、违约风险更低以及会计信息质量更好时,其优化效果更加明显。④金融开放对资源配置效率的优化作用,最终有利于企业和行业生产率的提升,促进经济增长。本文的发现对新时期下如何把握更深层次金融开放带来的机遇,充分发挥外资银行进入中国的制度红利,改善资源配置效率具有政策参考意义。

Financial openness is a key procedure in market reform and opening-up during China’s economic transition period.It is essential to connect the domestic and international dual cycles and give full play to the decisive role of the market in resource allocation.Aiming at the question of whether financial openness can promote the high-quality development of China’s economy by improving the resource allocation efficiency,this paper takes the enterprises in the Chinese Industrial Enterprise Database as a sample,and empirically tests the mechanism and effect of financial openness on industry resource allocation and productivity through the quasi-natural experiment that foreign banks entered step by step after China’s accession to the WTO.The results show that:①Foreign banks entry significantly reduces the total factor productivity dispersion at the city-industry level,and improves the efficiency of resource allocation.②Foreign banks entry through financing channels and capital using channels eases the financial constraints of enterprises,increases their fixed asset investment and R&D expenditure,and promotes the capital formation and technological innovation of non-state-owned enterprises with high profitability.③Foreign banks entry has a heterogeneous effect on the optimization of industry resource allocation.When the financial constraints at the city-industry level are stronger,the risk of default is lower,and the quality of accounting information is better,the effect of optimizing the allocation of industry resources by foreign banks is more pronounced.④The optimization effect of financial openness on the resource allocation efficiency will ultimately benefit the improvement of the productivity of enterprises and industries,thereby promoting economic growth.The results of this paper have policy reference significance about how to grasp the opportunities brought by deeper financial openness in the new era,give full play to the institutional dividends of foreign banks entering China,and improve the efficiency of resource allocation.