信贷市场跨区域整合与地区创业活力激发——来自城商行合并重组和新企业进入的证据

Cross-Regional Integration of Credit Markets and Regional Entrepreneuri Validity Enhancement--Based on the Evidences of the Mergers and Reorganizations of City Commerc Banks and the Entry of New Businesses

信贷市场跨区域整合能够为具有发展前景和潜在竞争优势的新创企业提供更适宜的融资环境,激发地区创业活力。利用城市商业银行合并重组作为自然实验,对信贷市场跨区域整合影响地区创业活力的实证检验发现,信贷市场跨区域整合使城市人均新注册企业数量提高约12.37%。其作用机制为:(1)促进信贷资源跨城市再配置,增加新创企业信贷资源可获得性;(2)提升区域银行业竞争力,降低新创企业融资成本;(3)抑制地方政府不当干预,优化银行信贷投向。

Cross-regional integration of credit markets can provide a righter financing environment for the innovative enterprises having development prospects and potential competitive advantages,and also can enhance regional entrepreneurial vitality.Using the mergers and reorganizations of city commercial banks as the natural experiment,the paper conducted an empirical test of the impact of cross-regional integration of credit markets on regional entrepreneurial vitality.The research found that,the cross-regional integration of credit markets has made the number of newly registered enterprises increase by about 12.37%.The action mechanisms were as follows.(1)Cross-regional integration promoted the cross-urban reallocation of credit resources,and increased the availability of credit resources for new start-ups.(2)Cross-regional integration strengthened the competitiveness of regional banking industry,and reduced the financing cost of new start-ups.(3)Cross-regional integration inhibited the inappropriate intervention of local governments,and optimized the investment orientation of bank credit.