银行业竞争与微观企业资本结构动态调整

Banking Competition and Dynamic Adjustment of Capital Structure of Micro-Enterprise

本文通过对银监会网站披露的金融许可证信息的收集与整理,获取了同时包含省际信息与时间信息的银行业竞争数据,并进一步结合2005~2014年A股上市公司数据,探讨地区银行业竞争程度对微观企业资本结构动态调整速度的影响。结论表明,企业所在地的银行业竞争能够加速企业资本结构动态调整进程,但由于银行业竞争主要通过缓解企业融资约束、降低动态调整成本这一路径发挥作用,因此,在过度负债、国有产权及成长性较低的企业样本组中,其作用效果相对不明显。本文研究为银行业结构与经济增长提供了来自于中国的经验证据,也一定程度上拓展了资本结构动态调整相关领域的研究视角。

Based on the data of banking competition including provincial information and time information through collecting and analyzing the financial license information issued by CBRC,and in combination with the data of A-share listed companies ranging from 2005 to 2014,this article discusses how regional banking competition degree affects the speed of Microenterprises＇ capital structure dynamic adjustment. The result indicates that banking competition of the place where enterprises arelocated does accelerate the process of dynamic adjustment. However,banking competition comes into play by easing financing constraints and reducing the dynamic adjustment costs,resulting in relatively inconspicuous effect on the sample group of enterprises which have excessive debt and develop slowly in the state-owned property right. This research provides empirical evidence from China for the topic about banking structure and economic growth discussed hotly by the current academic circlesand,to some extent,expands the research perspective of the field related to capital structure dynamic adjustment.