银行-企业的结构匹配与经济增长

Bank-Enterprise Structural Matching and Economic Growth

新结构金融学提出,银行与企业规模结构相匹配时,银行业结构为最优,且对经济增长促进作用最佳,但该推论的实证支撑还非常有限。本文采用省级面板的银行业数据与中国工业企业数据,构造银行-企业的规模结构匹配度对该命题进行验证。实证结果发现:银行-企业规模结构的匹配程度越高,经济增长越好;进一步分析发现匹配度对经济增长的促进作用在东部地区、经济发展程度较高和市场化水平较高的地区,以及国有企业比率较低的地区更加显著。因此提高中国银行业的整体效率,可从改善银行业结构着手,发挥不同规模的银行在融资特征等方面的比较优势。本文的实证结果将为中国最优银行业结构命题提供最为直接的经验证据,也为理解中国经济增长过程中银行体系作用的发挥机制提供新的视角。

The New Structure Finance(NSF)proposes that when bank sector matches enterprises in terms of size and structure,the banking structure is optimal and has the strongest effect on economic growth.However,related empirical evidemce remains insufficient.We combine provincial banking data with Chinese Industrial Enterprises and construct a matching index between banking sector and enterprises to test the NSE theory.We find that the higher the matching degree,the faster the economic growth is.The effect of matching is more significant in eastern regions,more developed areas,better marketized districts,and areas having relatively fewer state-owned enterprises.Therefore,we can improve the overall efficiency of China’s banking sector by optimizing the structure of banking sector,letting different banks play their different comparative advantages.Our findings provide the most direct empirical evidence for China’s optimal banking structure and reveal a new perspective for understanding the role of banking sector in China’s economic growth.