价格歧视与银企共生损害--基于PSM方法的新证据

Price Discrimination and Damage of Bank-Enterprise Symbiosis:a New Evidence Based on PSM

2018年以来,中央强调着力为民营企业纾困解难,然而金融支撑效果并不明显,原因在于银行贷款出现了价格歧视。本文首次构建了贷款价格歧视与银企共生关系的理论模型,选取代表性商业银行企业贷款的微观数据,采用PSM方法实证检验了贷款的价格歧视及其对银企共生关系的影响。研究结果表明:民营企业遭受了更高的贷款利率,贷款的价格歧视存在;银行针对民营企业个体的事前贷款的价格歧视,会使群体的事后违约上升,因此必须消除价格歧视,才能更好地促进民营企业发展。

The central government has been sparing no efforts to relieve difficulties for private enterprises since 2018,but the financial support has not been effective because of price discrimination in bank loans. This paper, for the first time, plans to construct a theoretical model about the relationship between price discrimination of loans and bank-enterprise symbiosis and selects microscopic data of representative loans of commercial banks and enterprises to empirically test the price discrimination of loans and its influence on bank-enterprise symbiosis by using PSM. The results show that private enterprises are subjected to a higher loan rate, and the price discrimination of loans exists. It is necessary to eliminate the price discrimination in order to promote the development of private enterprises because the price discrimination of Banks against private enterprises’ ex ante loans can increase the group’s post-default.