银行业结构优化能否激发实体企业活力——基于银行业结构与要素禀赋结构相契合的视角

Can Banking Structural Optimization Stimulate the Vitality of Entity Enterprises:From the Perspective of the Match between Banking Structure and Factor Endowment Structure

以2011—2021年中国沪深A股制造业上市企业与地市级宏观经济数据为研究样本,基于银行业结构与要素禀赋结构契合的视角,探究银行业结构优化对实体企业活力的影响与作用机制。结果显示:银行业结构与要素禀赋结构的契合程度越高,越能够显著促进实体企业活力,且该效应随着企业活力的提升呈先增强、后减弱的倒U型特征。作用渠道分析表明,同要素禀赋结构契合的银行业结构通过改善银企间信息环境、优化信贷配置以及缓解公司财务与违约风险激发实体企业活力。进一步研究发现,这一促进作用在非国有企业、高科技企业、金融科技发展不充分地区的企业以及经济政策不确定性较高的时段更为明显。此外,同要素禀赋结构契合的银行业结构能够通过激发实体企业活力强化供应链韧性、提高企业全要素生产率并驱动地区产业升级。研究结论为深化金融供给侧结构性改革与促进实体经济高质量发展提供了路径参考。

Taking the data of manufacturing listed companies in the Shanghai and Shenzhen A-share mar-kets from 2007 to 2021 and the macroeconomic data of prefecture-level cities from 2011 to 2021 as research samples,this paper,based on the perspective of the match between banking structure and factor endowment structure,systematically identifies the impact and mechanism of banking structural optimization on the vitali-ty of entity enterprises.The results indicate that the higher the degree of match between banking structure and factor endowment structure,the more it can promote the vitality of entity enterprises significantly,which is characterized by an inverted U-shape,namely,first strengthening and then weakening with the increase of enterprise vitality.The mechanism analysis of channel functions shows that the banking structure which mat-ches the factor endowment structure spurs the vitality of entity enterprises by improving the information envi-ronment between banks and enterprises,optimizing the credit allocation and reducing corporate financial and default risks.Further research shows that this positive moderating effect is more obvious in non-state-owned enterprises,high-tech enterprises,enterprises in areas with insufficient development of financial technology and periods of high economic policy uncertainty.In addition,the banking structure which matches the factor endowment structure can spur the vitality of entity enterprises,strengthen supply chain resilience,improve total factor productivity of enterprises and upgrade regional industries.The research conclusion provides a path reference for deepening the supply-side structural reform in finance and promoting the high-quality de-velopment of real economy.