金融市场发展对企业生存期限影响研究——基于银行与股票市场的数据分析

Survival or Death:Analysis of Enterprise Survival Based on Banking and Stock Market

利用中国工业企业数据库,从银行业市场和股票市场入手,分析企业生存的决定因素,结果发现:银行业市场的发展对企业存续时间有着正面的作用,股票市场的发展对企业存续时间有着负面的作用;在不同样本分类下,这一影响存在着异质性。同时,治理环境变化是影响企业生存的又一因素,良好的治理环境能够发挥金融市场发展带来的正面效果,降低金融市场发展带来的负面作用。

With the gradual reform of China’s financial market, the changes and development of the financial market structure cannot be ignored. This paper uses the Chinese industrial enterprise database, starting from the banking market and the stock market, and analyzes the determinants of enterprise survival, and finds that the development of the banking market has a positive effect on the duration of the enterprise. The development of the stock market has a passive effect for the enterprise. Simultaneously, this effect is heterogeneous under different sample classifications. In addition, the study also found that governance environment change is another factor affecting the survival of enterprises. A better governance environment can amplify the good effect brought about by the development of financial markets and reduce the negative effects brought about by the development of financial markets.