银行竞争缓解上市公司现金持有偏好的实证分析

An Empirical Study of Bank Competition to Ease Cash Holding Preference of Listed Companies

上市公司大量持有现金的偏好,成为妨碍上市公司长远发展的重要问题。文章从银行竞争的角度,通过选取2002—2014年数据进行实证分析,考察上市公司现金持有偏好影响因素。研究表明,中国银行业竞争度的提升,可以有效缓解信息不对称、信贷配给与"双重歧视",从而缓解上市公司现金持有偏好,而且这种缓解作用在主板市场与创业板市场更为突出。据此,文章提出应放开民营资本进入商业银行业的限制,鼓励外资银行在允许的范围内与中资银行进行竞争,进一步完善和深化中资银行市场化主体进程。

Listed companiesrpreference for holding large amounts of cash hinders their long - term develop-ment. So this paper studies cash holding preference of listed companies from the perspective of bank competi-tion by selecting the data from 2002 to 2014. The study shows that the ever fierce competition between China rs banks can effectively alleviate information asymmetry, credit rationing and ＂ double discrimination＂ ,thus al-leviating the cash holding preference of listed companies, and this mitigation effect is more prominent in the main board market and the GEM market. Based on the analysis, the paper proposes to allow private capital to enter the commercial banking industry, to encourage foreign banks to compete with Chinese banks in the al-lowable range,to quicken the process of market orientation of Chinese banks.