异质性视角下的贷款市场竞争与关系型信贷研究

Research on Loan Market Competition and Relationship Lending from the Perspective of Heterogeneity

从银行贷款定价的视角构建理论模型,本文分析银行异质性特征对贷款市场竞争和关系型信贷二者关系的影响。基于2006～2014年我国430家A股上市公司的面板数据使用Hansen的面板门槛模型,实证研究发现:在考虑银行异质性的前提下,我国贷款市场竞争对关系型信贷的影响存在"双重门槛效应",即我国大银行间的竞争会减少关系型信贷,而小银行间的竞争会增加关系型信贷。进一步研究发现,如果考虑企业产权和所属行业的异质性,大银行间竞争与关系型信贷的负相关关系不变,但小银行间竞争加剧会增加国有企业和制造业企业的关系型信贷,减少非国有企业和非制造业企业的关系型信贷。

The paper constructs a theoretical model from the perspectiive of bank loan pricing, which researches the effect of banks heterogeneity on the relationship between loan market competition and relationship lending. Then, based on the panel data of 430 China＇s A-share listed enterprises from 2006 to 2014, the paper researches the relationship between China＇s loan market competition and relationship lending with threshold model from the perspective of banks heterogeneity. We conclude, taking banks heterogeneity for granted, relationship lending has the significant ＂Dual-threshold effect＂ based on China＇s loan market competition. It means the competition between large banks could decrease relationship lending, but the competition between small banks has an opposite effect. Furthermore, if considering the heterogeneity of the industry and enterprise property, the competition between large banks is negatively related to the relationship lending, and the competition between small banks will increase the relationship lending of state-owned enterprises and manufacturing enterprises while reducing that of non-state-owned enterprises and non-manufacturing enterorises.