金融业开放与中国制造业竞争力提升

Financial Sector Liberalization and Promotion of Chinese Manufacturing Firms' Competitiveness

研究目标:探究外资银行进入对制造业企业加成率变化的影响和作用机制。研究方法:基于异质性企业和新增长理论,将企业异质性和新熊彼特模型有机整合到统一框架中提出命题,根据中国工业企业和海关数据库,通过外资银行进入这一外生冲击对银行业开放后的制造业企业"加成率效应"进行实证研究。研究发现:总体上外资银行进入后,进入区域内企业平均加成率显著增加。行业层面异质性渠道检验表明,行业与技术前沿差距越小、行业外部融资依赖度越高、与银行业投入产出关联度越大,外资银行进入"加成率效应"越大。分所有制类型的结果显示,民营和外资企业的正向效应更为显著,且大型民营企业的正向效应值最大。分地区和要素密集度的结果显示,东部和劳动密集型企业的正向"加成率效应"较大。研究创新:首次从企业盈利水平视角出发探讨外资银行进入对下游制造业加成率的影响。研究价值:证实金融业开放有利于提升我国制造业企业市场势力。

Research Objectives： To study the influence and mechanism of foreign banks＇ entry on the change of markups. Research Methods： Based on heterogeneous firm trade theory and new growth theory, this paper integrates the firms＇ heterogeneity and the new Schumpeter model into the unified framework and propose propositions, according to the annual survey data of industrial firms and customs database, using the foreign banks＇ entry as an exogenous shock, it studies the liberalization of banking sector on the markups of downstream manufacturing firms. Research Findings： The results show that as following. The average markups significantly increase after the entry of foreign banks. The heterogeneity of industry level shows that the smaller the gap between certain industry and technology frontier, the more external financing dependency and the more related input-output linkage, the larger markup effects foreign banks＇ entry will be. The results of different ownership show that positive effects of private and foreign-owned enterprises are more significant, and the large-scale private firms＇ effects are much larger. The results of different region and factor-intensity show that the positive effects are larger in eastern and labor-intensive firms. Research Innovation： For the first time, the paper explores the impact of foreign banks on downstream manufacturing firms from perspective of profitability. Research Value： Liberalization of finance sector is conducive to upgrading Chinese manufacturing firms＇ market power.