外资银行降低信贷融资成本的实证研究——基于中国工业企业的数据

The Effect of Foreign Banks on the Financing Cost of Credit in China

融资困难和融资成本高是一个长期困扰中国中小企业和民营企业发展的问题。本文采用2005～2010年中国31个省分规模和所有制的工业企业数据,考察了外资银行的进入对企业信贷融资成本的影响。研究发现,外资银行的进入显著降低了企业的信贷融资成本,其中,技术溢出是外资银行促使企业信贷融资成本下降的主要机制,市场竞争和制度溢出等机制的作用并不明显。同时,由于外资银行在当前阶段主要关注和维系的客户是大型国企,使得外资银行进入的主要受益者是大型企业和国有企业,中小企业和私营企业从中的获益则相对较少。

The financing constraint and extortionate financing cost are the main blocks of the growth of small-medium- sized and private enterprises in China. Using provincial panel data from 2005 to 2010, this paper investigate the effect of for- eign banks on financing cost of credit for China＇s industrial enterprises. We find that： the entry of foreign banks significantly reduce the financing cost of credit for industrial enterprises, and this is mainly attributed to the foreign banks＇ technology spill- overs, and the foreign banks＇ competitive effect and institution spillovers aren＇t visible. Meanwhile, because of the large-sized and state-owned enterprises are the main customers of foreign banks, the large-sized and state-owned enterprises get more prof- its than the small-medium-sized and private enterprises from the entry of foreign banks.