地方融资平台杠杆率可以影响城商行绩效吗?——基于SYS-GMM和门槛模型的实证分析

Can Leverage Ratio of Local Financing Platform Affect the Performance of City Commercial Banks?——An Empirical Analysis Based on SYS-GMM and Threshold Model

本文根据2006~2017年全国30个省级行政单位的面板数据,运用门槛模型检验了地方融资平台杠杆率与城商行绩效之间的关系。本文不但证实了地方融资平台杠杆率整体上增加了城商行绩效,而且发现地方融资平台杠杆率对城商行绩效存在显著的非线性“双重门槛”效应,不同地方融资平台杠杆率对城商行绩效影响呈现先增后降的趋势,表现为“倒U”型结构特征。研究结果表明需要及时调整地方融资平台杠杆率,缓解给城商行绩效造成的压力。

Based on the panel data of 30 provincial administrative units in China from 2006 to 2017,this paper uses threshold effect model to analyze the relationship between leverage ratio of local financing platform and performance of city commercial banks.This paper not only confirms that the leverage ratio of local financing platforms increases the performance of city commercial banks as a whole,but also finds that the leverage ratio of local financing platforms has a significant non-linear“double threshold”effect on the performance of city commercial banks.The impact of different local financing platforms leverage ratio on the performance of city commercial banks shows a trend of first increasing and then decreasing,which is shown as“inverted U”.type structural characteristics.The results show that it is necessary to adjust the leverage ratio of local financing platforms in time to alleviate the pressure on the performance of city commercial banks.