银行管制放松、股份制银行扩张与企业融资约束——基于股份制银行市场准入放松的准自然实验

Bank Deregulation, Joint-stock Banks’ Expansion and Enterprises’ Financing Constraints——Quasi Experiment Based on Market Access Relaxation of Joint-stock Banks

金融体制改革是中国经济发展过程中面临的重大挑战,也是构建金融有效支持实体经济体制机制的重要内容。本文基于2005~2017年中国283个地级市的面板数据,检验银行市场准入放松给股份制银行带来的外生冲击及一系列经济后果,运用双重差分法研究政策实施后,股份制银行数量扩张对企业融资约束产生的作用。研究发现,银行管制放松政策实施后,省会(首府)股份制银行扩张显著削弱了企业融资约束;从地域差异来看,东部地区和北上广深地区股份制银行扩张对企业融资约束的削弱效应较强;区分行业和所有制属性的结果显示,制造业企业和非国有企业的融资约束受股份制银行扩张的影响明显。

The reform of financial system is not only a major challenge in the process of China’s economic development,but also an important content of building a financial system and mechanism to effectively support the real econo-my.Based on the panel data of 283 prefecture level cities in China from 2005 to 2017,this paper tests the exogenous impact of the relaxation of bank market access on joint-stock banks,and uses the double difference method to study the effect of the expansion of the number of joint-stock banks on enterprises’financing constraints after the implementation of the policy.The paper finds that after the implementation of the bank deregulation policy,the expansion of joint-stock banks in the provincial capital has significantly weakened the financing constraints of enterprises;From the perspective of regional differences,the expansion of joint-stock banks in the eastern region and the north,Shanghai,Guangzhou and Shenzhen region has a strong weakening effect on enterprise financing constraints;The results of distinguishing the attributes of industry and ownership show that the financing costs of manufacturing enterprises and nonstate-owned enterprises are obviously affected by the expansion of joint-stock banks.