地方金融机构与地区经济增长——来自城商行设立的准自然实验

Local Financial Institutions and Regional Economic Growth：A Quasi-natural Experiment of City Commercial Banks in China

本文利用城市商业银行在不同地区、成立时间上的变异,基于城市面板数据与中国工业企业数据库,使用渐进性的双重差分法估计了城商行的成立对城市经济增长的影响及其微观作用机制。研究发现,城商行的成立促进了所在地区经济增长,而这种促进作用主要是通过为企业提供银行贷款与促进企业增长这两个微观机制来实现。但由于受到地方政府的干预,城商行对地区经济增长的影响也表现出一些独特的特征：对经济增长的促进作用主要体现在流动性比较大的第二产业上,对企业工业总产值的促进作用主要体现在隶属于地级市及以下政府的企业上。进一步的分析也显示先成立的城商行对经济增长的促进作用要大于后成立的城商行,而近年来城商行的兼并重组削弱了城商行对所在城市经济增长的促进作用。

Using the establishment of city commercial banks as a quasi-natural experiment,we estimate the impact of the establishment of city commercial banks on the city＇s economic growth,based on the city-level panel data and the micro data from Chinese Industrial Enterprises Database.The study finds that after the separation of the effects of other factors on economic growth,the establishment of city commercial banks improves the cities＇ economic growth through providing loans for firms and increasing enterprises＇ output.Further analysis shows that,under the intervention of local government,the banks promote the city＇s industrial economy growth,but have no significant impact on the service sector.The promotion of enterprise production is also mainly reflected on the enterprises belonging to the prefecture-level cities.Further analysis shows that the positive effects of the banks established earlier are greater than the banks established later,and the banks restructuring carried out in recent years weakens the effect of the city commercial banks on the city＇s economic growth.