我国企业负债水平与地区信贷增长差异——基于省级面板数据的实证分析

The Enterprise Debt Level and Disparity of Regional Loan Growth in China——An Empirical Analysis with Provincial Panel Data

由于地区信贷增长差异是解释我国地区经济增长差异的重要因素,因此,进一步研究形成地区信贷增长差异的因素,对于探求我国区域经济均衡发展之策具有重要现实意义。本文立足企业财务风险与银行信贷投放决策关系的理论假设,建立我国1998-2010年的省级面板数据模型,对地区企业负债率水平影响区域信贷增长的问题进行计量分析,发现了企业负债水平显著负向影响我国省区信贷增长的经验证据。这意味着,各省企业负债水平的差异是解释我国省际信贷增长差异的一个有效因素,因此,实施有关财政和资本市场支持政策,切实降低负债率较高地区的企业负债水平并优化其资本结构,将会通过缩小地区信贷增长差距而有利于我国地区经济的平衡增长。

China’s disparity of regional loan growth is an important factor interpreting regional growth disparity,so it will contribute to policy investigation of our regional balanced development to study the factor resulting in regional loan growth difference.The paper examines the effect of enterprise debt level on regional loan growth disparity by using Provincial panel data from 1998 to 2010,and finds enterprise debt level makes significant negative contribution to the regional loan growth.The policy implication of this conclusion is that it should be useful for us to lower corporate debt rate in the highly indebted region through appropriate fiscal and capital market policy to realize balanced regional development in China.