产品市场竞争与银行贷款定价——基于上市公司债务融资成本的视角

Product Market Competition and Bank Loan Pricing: Based on the Cost of Debt of Chinese Listed Companies

在利率市场化和银行业改革不断深入的市场环境下,商业银行面临科学贷款定价的重大命题。本文以上市公司为样本,从债务融资成本的视角考察产品市场竞争程度对银行贷款定价的影响。研究表明:上市公司债务融资成本的增加与公司所处行业的产品市场竞争激烈程度显著正相关;其中资产规模小、现金流匮乏、资产专用性强的企业,产品市场竞争对企业债务融资成本的影响更加显著。同时,相对集中的行业结构与有利的市场地位能够有效地降低企业的债务融资成本。因此,银行进行贷款定价时需充分考虑企业的市场势力与所处的竞争环境。

Along with the process of lending rate marketization and the reform on the bank industry, the bank has to deal with the loan pricing problem. This paper focus on the relationship between the product market competition and the bank loan pricing using the Chinese listed companies cost of debt data. This paper empirically shows that the cost of debt is systematically higher for firms that operate in competitive product markets, moreover that effect of competition is greater in industries which finn with smaller size and cash flow and exit value. That is the more concentrated industry structure or firms＇ significant product market power can effectively reduce the finns＇ cost of debt. Overall, these findings suggest that banks price financial contracts should taking into ac- count the product market competition and the finns＇ market power.