外资银行是缓解中国企业融资约束的“白衣骑士”吗?——基于企业异质性视角的经验研究

Are Foreign-invested Banks White Knights to Ease Financing Constraints of Chinese Firms? Empirical Study from the Perspective of Firm Heterogeneity

中国金融开放进程逐渐提速,外资银行进入是否真正有利于实体经济已成为现实议题。文章从企业产权与规模异质性的视角,利用现金-现金流敏感性模型和A股制造业上市公司数据,对外资银行进入的企业融资约束缓解效应进行了实证分析。研究结论显示:(1)尽管对国有企业融资状况无足轻重,但外资银行进入显著影响了民营企业的融资约束——大型民营企业的融资约束被显著缓解,而中小型民营企业的融资约束则被显著强化;(2)由于中小型企业是民营企业的主体,外资银行进入整体上加剧了民营企业的融资难问题;(3)鉴于中小型民营企业受损于外资银行进入产生的"撇脂"效应,文章进一步认为,在落实外资银行国民待遇以推动其尽快融入本土的同时,应采取恰当的政策手段,引导外资银行将业务范围扩展至中小型民营企业这类相对低端的客户群体。

Would foreign-invested banks entry actually benefit China＇s real economy in the context of constantly speeding up financial openness？From the perspectives of firm property right and scale heterogeneity,this paper employs cash-cash flow sensitivity model and the data from A-share manufacturing listed companies to make an empirical study of the effect of foreign-invested banks entry on easing financing constraints.It reaches the main conclusions as follows：firstly,although foreign banks entry has little effect on stateowned enterprises＇ financing constraints,it significantly eases large private enterprises＇ financing constraints,and significantly aggravates small and medium-sized private enterprises＇ financing constraints;secondly,because small and medium-sized enterprises are the main body of private enterprises,as a whole,foreign banks entry has worsened the financing difficulties of private enterprises;thirdly,in view of market-skimming effect small and medium-sized private enterprises suffer from foreign banks entry,it further points out that governments should give foreign banks more national treatments to promote their localization as soon as possible,and adopt appropriate measures to induce foreign banks to expand their business scope to the group of relatively low-end customers such as small and medium-sized private enterprises.