“老赖”是如何形成的?——基于银企规模结构匹配失调的视角

How Is“Deadbeat”Formed?—Based on the Perspective of the Mismatch of Bank-Enterprise Scale Structure

新结构金融学理论指出,当银行业规模结构与企业规模结构相匹配时,方能实现银行与企业之间的信息结构与风险结构匹配,从而减少经济金融扭曲,使银行体系能有效支持实体经济。本文以“老赖”的形成为分析对象,构建银行与企业的规模结构匹配指标对此议题进行实证检验。研究发现银行与企业的规模结构匹配越好,地区老赖企业比率越低。该结论在经过内生性和稳健性检验之后依然成立。进一步的分析表明,银行与企业的规模结构匹配在国有企业和僵尸企业中比率较高、要素市场发育程度较差以及社会融资规模较小的地区作用更加显著,且具有缓解企业融资约束的作用机制。本文研究结果表明“老赖”的形成不仅仅缘于道德因素,而是有较深刻的经济逻辑背景内涵。本文从银行与企业的规模结构相适宜的视角解释了老赖企业的形成原因,为促进实体经济发展、缓解金融扭曲问题提供了经验证据与借鉴。

The theory of new structural finance points out that bank-enterprise matching is conducive to realizing the structural matching of information and risks between banks and enterprises,thereby reducing economic and financial distortions,and promoting the banking system to effectively support the real economy.This article takes the formation of“deadbeat”as the object of analysis and constructs an index of the scale and structure of banks and enterprises to conduct empirical tests on this topic.The study found that the better the matching of the size and structure of banks and enterprises,the lower the ratio of“deadbeat”enterprises in the region.This conclusion is still valid after the endogenousness and robustness test.Further analysis shows that in regions where the ratio of state-owned and zombie companies is high,and the factor market development is poor,bank-enterprise matching can play a more significant role by mitigating corporate financing constraints.The research results of this article show that the formation of“deadbeat”is not only due to moral factors,but also contains profound economic and financial logic.This article explains the reasons for the formation of Deadbeat Enterprises from the perspective of bank-enterprise matching.This provides empirical evidence and reference for promoting the development of the real economy and alleviating financial distortions.