地方经济政策不确定性与中小银行资金跨区域配置

Local Economic Policy Uncertainty and Small and Medium-Sized Banks’Capital Allocation Across Regions

基于1146家具有全国代表性的中小银行样本,探讨地方经济政策不确定性(LEPU)对中小银行资金跨区域配置的影响。结果发现:LEPU上升显著促进了中小银行资金跨区域配置。基准回归结果经过一系列稳健性检验后依然成立。在作用机制方面,LEPU上升加剧了中小银行本地经营的安全性风险和流动性风险,从而促使其进行资金跨区域配置。异质性分析表明,相较于城市商业银行,LEPU上升对于农村商业银行资金跨区域配置的促进作用更大。鉴于此,地方政府应尽量保证经济政策的连贯性和稳定性,以引导中小银行更好地服务本地实体经济。

Using the data of 1146 nationally representative small and medium-sized banks,this paper studies the impact of local economic policy uncertainty on the cross-regional allocation of funds of small and medium-sized banks.The results show that local economic policy uncertainty significantly promotes the cross-regional allocation of funds of small and medium-sized banks.The baseline regression result holds after a series of robustness tests.The mechanism is that rising local economic policy uncertainty exacerbates the security risk and liquidity risk of local operations of small and medium-sized banks,thus prompting them to allocate funds across regions.The heterogeneity analysis shows that the local economic policy uncertainty rising has a greater effect on the cross-regional allocation of funds by rural commercial banks than by urban commercial banks.In view of this,local governments should try to ensure the consistency and stability of economic policies in order to guide small and medium-sized banks to better serve the local real economy.