银行竞争与企业金融化——基于融资约束及银行监督的双重视角

Bank Competition and Financialization of Enterprises:Based on the Perspective of Financing Constraints and Banking Supervision

如何预防我国实体经济“脱实向虚”,是当前我国经济发展的重要课题。文章以2007—2020年非金融上市公司为样本,从我国银行业结构竞争视角,着重探究并检验银行竞争加剧对实体企业金融化水平的影响及其作用机理。文章发现,整体上银行业竞争的加剧显著抑制了实体企业金融化,且该效应是通过缓解企业融资约束和强化银行作为“大债权人”的外部监督机制的双重路径实现的。进一步地,文章从微观产权性质、中观外部制度环境以及宏观货币政策三方面进行异质性检验,研究发现国有企业、制度环境较差地区的企业中,银行竞争的抑制效应更显著,而货币政策未能与银行竞争达成协同效应抑制金融化。文章的研究对于深化银行业改革以构建健康、有序的实体经济与虚拟经济关系具有重要意义。

How to prevent China s real economy from“departing from the real to the virtual”is an important issue for China s current economic development.The research takes non-financial listed companies from 2007 to 2020 as a sample,and from the perspective of structural competition in China s banking industry,focuses on exploring and testing the impact and mechanism of intensified banking competition on the level of financialization of physical enterprises.We find that the overall intensification of competition in the banking industry has significantly suppressed the financialization of physical enterprises,and this effect is achieved through a dual path of alleviating corporate financing constraints and strengthening the external supervision mechanism of banks as"major creditors".Further,this paper discusses the nature of property rights at the micro level,the institutional environment at the meso level and the monetary policy at the macro level.The research finds that the effect is more significant in state-owned enterprises and enterprises in areas with poor institutional environment.Combined with the nature of property rights,we also find that the moderating effect of monetary policy on the relationship between the two is more significant in state-owned enterprises.The above research results indicate that increasing fierce competition by deepening the banking reform in the future is of great significance to establish the good interactive relationship between real economy and virtual economic.