金融如何支持创业:基于城市商业银行设立的自然实验

How Does Finance Support Entrepreneurship:A Natural Experiment Based on the Establishment of City Commercial Banks

促进金融支持实体经济发展是当前“保市场主体,稳经济基本盘”的关键之策。本文借助1994-2011年中国城市商业银行分批分次设立的自然实验,利用工商注册企业数据考察了地区金融发展对创业活动的影响。研究发现,城市商业银行的设立显著提高了地区新企业成立的数量,且地区创业质量没有明显下降。此外,城市商业银行缓解地区创业融资约束的具体机制并不是传统的银行竞争加剧和信贷供给扩张,而是通过发挥本地信息优势缓解地区银企间信息不对称现象,促进了地区具有比较优势行业的创业。本文的发现强调了地区性和全国性银行机构之间的互补性关系,为中国如何发挥银行间比较优势、优化全国金融系统结构以支持实体经济发展的政策调整提供了微观证据。

The promotion of financial support for the development of the real economy has become a key policy to guarantee market players and stabilise basic economic conditions.This paper is based on a study of the causal relationship between the local financial market development and entrepreneurship using the establishment of city commercial banks(CCBs)between 1994 and 2011.The results derived from it indicate that regions that established CCBs experienced a greater increase in entrepreneurship relative to other regions,attributable to the easing of regional financing constraints.As a result,potential mechanisms are investigated,providing empirical support for the information asymmetry mitigation mechanism between banks and enterprises,driven by the comparative advantages of CCB local information.This mechanism highlights the heterogeneous effects between local and national banking institutions and underlines the importance of benefiting from comparative advantages among banking institutions and optimising the structure of the national financial system to support the development of the real economy.