银行风险偏好对企业发展影响的实证研究

Empirical Study on Impact of Bank's Risk Preference on Enterprise Development

从行业层面和企业层面实证研究了银行信贷选择对行业和企业发展的影响。结果发现:在行业层面,银行偏好于固定资产比率较高的行业,因此在信贷资源较为紧张的地区,固定资产比率较高的行业会发展得较好,可见长期内银行选择会影响一个地区的产业结构;在公司层面,银行偏好于行业中固定资产比率较高的企业,而企业为了获得信贷资源也会调整其发展策略,倾向于积累固定资产。指出:中国应该大力发展非银行融资渠道,减弱金融系统对经济发展的扭曲。

This paper studies empirically the impact of the selection of bank to credit resource on the development of industries and firms at industry level and firm level.The results show as follows：at industry level,bank＇s bias toward the industries with high fixed asset ratio by nature,and in the area where credit resources are relatively limited,the industries with higher fixed asset ratio would develop better,therefore,bank＇s selection would affect the industrial structure of an area;at firm level,bank＇s bias toward the firms with high fixed asset ratio in an industry,and firms tend to adjust their development strategy to get more credit resources by accumulating fixed assets.The conclusions imply that China should take more action to develop non-bank finance channel,and thus reduce the distortion of financial systems on economic development.