严监管下银企距离对民企融资约束的影响——基于银行异质性视角的分析

The Influence of Bank Enterprise Distance on Financing Constraints of Private Enterprises under Strict Supervision--An Analysis from the Perspective of Bank Heterogeneity

本文选取我国2014年—2018年152家商业银行和469家中小板上市民营企业的静态面板数据,采用固定效应模型实证检验严监管和银企距离对民企融资约束的影响。研究表明:银企距离的缩短对缓解民企融资约束有促进作用,降低了严监管对民企融资的负向影响;中小银行与民企距离的缩短更为显著地削弱了严监管对民企融资造成的负向影响;融资约束程度较高和集中程度较高地区的民企,其融资约束程度受银企距离影响较大。因此,建议今后加快推动数字普惠金融发展,优化银行网点布局结构,实施差异化金融监管政策,鼓励中小银行扶持中小民企发展,创新金融科技服务的渠道,以切实改善民企融资环境。

Based on the static panel data of 152 commercial banks and 469 private enterprises listed on SME board from 2014 to 2018,this paper empirically analyzes the impact of strict supervision and distance between banks and enterprises on the financing constraints of private enterprises.The results show that the narrowing of the distance between banks and enterprises can promote the alleviation of financing constraints of private enterprises and reduce the negative impact of strict supervision on private enterprises'financing The reduction of the distance between enterprises significantly weakens the negative impact of strict supervision on the financing of private enterprises;the financing constraints of private enterprises in areas with high degree of financing constraints and high concentration of private enterprises are greatly affected by the distance between banks and enterprises.Therefore,it is suggested that we should speed up the promotion of digital Inclusive Finance,optimize the distribution structure of bank outlets,pay attention to the differentiated management of financial regulatory policies,encourage small and medium-sized banks to support the development of small and medium-sized private enterprises,innovate financial technology service channels,and effectively improve the financing environment of private enterprises.