银行业市场竞争是否缓解了中小企业面临的信贷约束--基于我国银行业放松管制的证据

Does Banking Competition Alleviate the Borrowing Constraints Faced by SMEs——Based on the Evidence of Deregulation in China’s Banking Industry

本文基于2009年银行业放松管制的背景,收集了我国内地30个省级行政区2005~2017年的相关数据进行经验分析,发现放松银行业准入管制有助于缓解中小企业信贷约束。市场集中度指数的计算结果(无论是以HHI指数还是以CR5指数衡量)表明,我国各地区银行业市场的竞争程度均有明显提升。为解决模型中的内生性问题,本文以放松管制这一外生政策冲击为基础,构造了银行业市场集中度的一个工具变量,并利用固定效应的工具变量法进行估计。研究发现:银行业市场竞争的强化,显著提升了国有企业以及中小企业的信贷可得性;同时,在考量银行规模的异质性影响上发现,与国有银行相比,股份制商业银行和城市商业银行在缓解中小企业所面临的信贷约束方面更为有效。此外,本文还采用了不同方法模型对上述结论进行了稳健性检验,结论依然成立。

Based on the background of the deregulation of Chinese banking industry in 2009,this paper collected provincial relevant data from 2005 to 2017 for empirical analysis,and found that deregulation of banking entry can help ease the borrowing constraints of SMEs.The calculation results of the market concentration indexes(whether measured by the HHI index or the CR5 index)showed that the degree of competition in the banking market in various regions of our country had increased significantly.In order to solve endogenous problem in the model,based on the exogenous policy shock of deregulation,this paper constructed an instrumental variable for the market concentration of the banking industry and used the fixed-effect instrumental variable method to estimate.The study found that the strengthening of market competition in the banking industry had significantly improved the availability of credit for state-owned enterprises and SMEs;at the same time,when considering the heterogeneity of the size of banks,it was found that compared with state-owned banks,joint-stock commercial banks and urban commercial banks are more effective in easing borrowing constraints faced by SMEs.In addition,this paper also adopted different methods and models to find that the conclusions were robust.