银行价格竞争与企业全要素生产率——异质性、机制与数字金融下的效应差异

Bank Price Competition and Enterprise Total Factor Productivity--Heterogeneity,Mechanism and Effect Difference Due To Digital Finance

本文构建城市层面银行价格竞争指数,并与2013-2018年沪深两市上市公司数据相结合,探究地区银行价格竞争对当地企业全要素生产率的影响。研究发现,银行价格竞争可提高企业全要素生产率水平,且在中小企业、非国有企业、高新技术企业以及政府信贷干预程度较低的地区中作用更显著;机制检验显示,银行价格竞争促进企业融资,并改善资本配置效率;在拓展分析中进一步发现,在金融监管强度较高的地区,数字金融发展能够强化银行价格竞争的生产率驱动效应。

This paper constructs a city-level bank price competition index,and combines it with the data of listed companies in Shanghai and Shenzhen stock markets during 2013-2018 to explore the impact of regional bank price competition on the total factor productivity of local enterprises.The study finds that bank price competition can improve the total factor productivity of enterprises,and this effect is more significant in small and medium-sized enterprises,non-stateowned enterprises,high-tech enterprises and areas with low government credit intervention;the mechanism test shows that bank price competition promotes enterprise financing and improves capital allocation efficiency;in the expansion analysis,it is further found that in areas with high financial supervision intensity,the development of digital finance can strengthen this productivity driving effect of bank price competition.