银行业竞争与微观企业投融资期限错配

Competition in Banking Industry and Maturity Mismatch between Investment and Financing in Micro-enterprises

缓解微观企业投融资期限错配对于降低实体经济运营风险和金融系统风险具有重要意义。银行业竞争理论上可以通过缓解信贷融资约束来降低企业投融资期限错配的程度。基于手工收集的商业银行金融许可证的数据构造省级层面的银行竞争程度指标,分析并检验银行竞争对企业投融资期限错配的潜在影响、作用机理及经济后果。研究发现:(1)银行竞争程度提高有助于降低企业投融资期限错配的程度;(2)银行业竞争降低投融资期限错配的作用机理在于缓解企业融资约束;(3)银行业竞争有助于降低投融资期限错配对企业业绩的不利影响。研究结论表明,推进金融机构市场结构改革有利于改善信贷市场资源配置效率,缓解微观企业"短贷长投"困局,从而有助于降低微观企业投融资期限错配潜藏的债务违约风险对企业自身、上下游实体以及金融系统的不利影响。

How to relieve the maturity mismatch of investment and financing on corporate level is of utmost importance to reduce the operational risk of the real economy and the systematic risk of the finance.Theoretically,the competition of the banking industry can reduce the maturity mismatch of investment and financing on corporate level by easing credit and financing constraints. Based on hand-collected data of financial licenses of commercial banks,this paper constructs the measure of banking competition on the provincial level in order to analyze and empirically test the potential influence of banking competition on the maturity mismatch of investment and financing on corporate level,its mechanism and economic consequences.The study finds that:Firstly,the increased banking competitions is conducive to reducing the maturity mismatch of investment and financing. Secondly,the mechanism of the potential influence of banking competition on the maturity mismatch of investment and financing on corporate level is to relieve financial constraints. Thirdly,the competition in banking industry can reduce the negative influence of the maturity mismatch of investment and financing on corporate performance.The conclusion shows that promoting the market structure reform of financial institutions is conducive to improving the allocation efficiency of credit market resources,alleviating the“short-term loan and long -term investment”predicament of micro-enterprises,thus helping to reduce the potential debt default risk of investment and financing maturity mismatch of micro-enterprises,which has adverse effects on enterprises themselves, upstream and downstream entities and the financial system.