科技金融对城市商业银行全要素生产率的影响——基于调节效应和中介效应的视角

The Impact of Technology Finance on Total Factor Productivity of City Commercial Banks——From the Perspective of Moderating Effect and Mediating Effect

基于2008—2016年96家城商行的数据,运用多种估计方法,考察了地区科技金融发展对城商行全要素生产率的影响,并重点分析了城商行股权结构的调节效应和城商行信贷行为的中介效应。实证结果表明:地区科技金融发展能显著促进当地城商行全要素生产率提高;城商行股权结构对地区科技金融发展与城商行全要素生产率之间的关系起显著的调节作用,其中股权制衡度起正向调节作用,而第一大股东性质起负向调节作用;地区科技金融发展能够通过改变城商行的信贷行为间接影响城商行全要素生产率,关联贷款比例、贷款集中度和贷款流向是地区科技金融发展促进城商行全要素生产率提高的三个重要渠道,在科技金融发展促进城商行全要素生产率提高的总效应中约三分之一可归因为其信贷行为的优化。

Based on the data of96city commercial banks from2008to2016,this paper investigates theimpact of regional science and technology financial development on total factor productivity(TFP)ofcity commercial banks,and emphatically analyzes the moderating effect of ownership structure of citycommercial banks and the intermediary effect of credit behavior of city commercial banks.Theempirical results show that the development of regional science and technology finance can significantlypromote the total factor productivity of local city commercial banks;the ownership structure of citycommercial banks plays a significant role in regulating the relationship between the development ofregional science and technology finance and the total factor productivity of city commercial banks,inwhich the degree of equity checks and balances plays a positive role,while the nature of the largestshareholder plays a negative role.The development of regional science and technology finance canindirectly influence the total factor productivity of city commercial banks by changing the creditbehavior of city commercial banks.About1/3of the total effect of TFP improvement can be attributed tothe optimization of its credit behavior.