联合授信制度对企业“脱实向虚”的治理效应——来自中国《联合授信管理办法》准自然实验的经验证据

The Governance Effect of the Joint Credit System on the“Shift from Real to Virtual”:Evidence from a Quasi-natural Experiment on the Measures for the Administration of Joint Credit in China

振兴实体经济、防范“脱实向虚”是供给侧结构性改革的战略任务。作为企业获取资金的重要渠道,如何促进银行业金融机构更好发挥服务实体经济的功能尚未得到充分研究。本文以2018年开始实施的《联合授信管理办法》作为准自然实验,检验了联合授信制度对企业金融化的影响及机制。研究发现,联合授信制度整体上抑制了企业金融化,且该抑制效应在信息透明度低、机构投资者持股比例低的企业中更为明显。作用机制检验表明,联合授信制度通过约束企业过度融资、抑制大股东掏空与管理者短视主义从而降低企业金融化水平。异质性检验发现,联合授信制度主要抑制了企业配置短期金融资产,且更大程度降低了高市场化水平地区企业的金融化水平。经济后果检验证实,该制度通过抑制企业金融化促进企业增加实物资本投资、降低企业财务风险。本文为评估联合授信制度的政策效应提供微观层面的证据,也为防止企业杠杆率居高不下和经济“脱实向虚”、推进金融供给侧改革等重要问题提供了制度参考。

Revitalizing the real economy and preventing the“shift from real to virtual”is a strategic task of the supply-side structural reform.As an important channel for enterprises to obtain funds,how to promote banking and financial institutions to better serve the real economy has not been fully studied.Taking the Measures for the Administration of Joint Credit released by CBRC in 2018 as a quasi-experiment,this paper investigates the impact of the joint credit system on corporate financialization.The study shows that this policy significantly restrains corporate financialization,and the disincentive effect is more significantly in enterprises with lower information transparency or low shareholding of institutional investors.Mechanism testing shows that this policy restrains corporate financialization through inhibiting enterprise over-financing,and restraining shareholders'tunneling behavior and managerial myopia.Further analysis shows that the joint credit system mainly restrains the allocation of short-term financial assets.Combined with the external environment,the study shows that the inhibitory effect is more significant in regions with a higher level of marketization.The economic consequences confirm that this policy promotes the increase of real capital investment and reduces the financial risk of enterprises by inhibiting corporate financialization.This paper not only provides microscopic empirical evidence for evaluating the effectiveness of the joint credit,but also provides reference for preventing the high leverage ratio of enterprises and promoting the financial supply-side reform.