银行信贷腐败与企业融资约束——来自世界银行中国企业问卷调查的证据

Bank Credit Corruption and Enterprise Financing Constraints——Empirical Evidence from China Enterprises Survey Data of World Bank

文章试图从银行信贷腐败的视角剖析企业融资困境的原因。通过结合世界银行2012年中国企业问卷调查和2005年中国投资环境调查数据,在构建城市层面的银行信贷腐败程度指标后,实证检验了银行信贷腐败对企业融资约束的影响。研究结果显示:银行信贷腐败行为在提高大型服务业企业信贷可得性的同时,显著降低了中小制造业企业的融资水平。总体而言,银行信贷腐败行为是造成企业整体融资质量下降的重要因素,这一结果在通过工具变量控制信贷腐败与企业融资约束的内生性后依然成立。此外,研究还发现,信贷市场环境——银行市场结构和法治环境的改善将有助于降低银行信贷腐败的影响。

The paper attempts to analyze the causes of enterprise credit constraints from the perspective of bank credit corruption. Combining the date sets of China enterprise operation in 2012 and investment environment survey in China in 2005 from World Bank, the bank credit cor- ruption index at city level is constructed and an empirical study is made on the impact of bank credit corruption on enterprise credit constraints. The results show that the bank credit corruption improved the credit availability of large scale service enterprises while it significantly reduced the credit availability of small and medium - sized manufacturing enterprises. In general, bank credit corruption is an important factor which caused the decline of enterprise＇ s overall financing quality, even though IV method is used to control the endogeneity of credit corruption and enterprise finan- cing constraints, the results are still significant. In addition, the result also finds out that the im- provement of market condition of credit--the market structure of banking industry and the legal en- vironment will help to ease the effect of bank credit corruption.