银行业竞争、信贷规模歧视和上市公司银行借款融资差异

Competition in Banking,Credit Scale Discrimination and Difference in Bank Loan Financing of Listed Companies

银行借款是我国企业的主要融资渠道,而我国由于银行业竞争不充分,造成银行业存在比较严重的卖方市场地位。由于国有商业银行激励不足,加上中央银行对商业银行风险管理的行政干预,使商业银行在选择贷款对象时,首先选择规模比较大的企业,形成对中小企业的信贷歧视。笔者通过对沪深上市公司1991年～2007年财务数据分析,得出两个基本结论:上市公司规模对银行信贷有重要影响;随着银行业竞争的激烈,上市公司规模对银行信贷的影响逐步降低。本文的政策启示在于:如果要缓解中小企业融资困难的经济问题,首先要加强我国金融业的竞争,只有银行之间存在一定程度的竞争,银行才有动力和压力为中小企业提供资金。

Bank loan is the main financing channel of the firms of our country. The insufficient competition in the banking industry causes the banking industry to be seller＇ s market. Because of the insufficient incentive in state-owned commercial banks and the administrative intervention of the central bank in the risk management of commercial banks, commercial banks will choose large firms when they give loans, and this forms credit discrimination to small and medium firms. Through analyzing the financial data of the listed companies of Shanghai and Shenzhen Securities Markets during 1991-2007, the author draws two conclusions： the scale of the listed firms has an important impact on the bank credit; with the fierce bank competition, the influence of the scale of the listed firms on bank credit gradually becomes less. The revelation for policy is that the competition in the financial industry should be intensified to alleviate the difficulty of the financing problem of small and medium business. Only if there is competition between banks will banks have the motivation and pressure to provide loan to small and medium enterprises.