银行业竞争对企业“脱实向虚”的治理效应研究--基于非金融企业金融化的视角

Study on the Governance Effect of Banking Competition on Enterprises Shifting from Real to Virtual?--Evidence From Financialization of Non-Financial Enterprises

利用商业银行分支机构数据构造省级层面的银行业竞争指标,基于2003~2020年中国A股上市公司金融化数据,实证检验银行业竞争对企业“脱实向虚”行为的治理效应,研究发现:随着银行业竞争程度的上升,上市公司的金融化水平显著下降;银行业竞争对企业金融化的效应在国有企业、机构持股比例较高和市场化进程较低的样本中更显著;机制检验发现:银行业竞争通过缓解企业的融资约束和提高信息质量等作用渠道引导了实体企业去金融化。据此,应加大对优质外资银行的开放力度,大力推进股份制银行改造和中小银行建设,构建多层次、广覆盖、有差异的银行体系,提升国有企业的信息披露质量,完善治理结构,优化治理环境。

Based on the data of China's A-share listed companies from 2003 to 2020,this paper examines the governance effect of banking competition on the financialization behavior of listed companies based on the unique branch data of commercial banks to construct provincial-level banking competition indicators.Results indicate that with the intensification of competition in the banking industry,the financialization level of listed companies has decreased significantly.Furthermore,this paper finds that the effect of banking competition on enterprise financialization is more significant in the samples of state-owned enterprises and institutions with high shareholding ratio and low marketization process.Further research finds that banking competition has guided the de-financialization of real enterprises through the role channels of alleviating the financing constraints of enterprises and improving the quality of information.Policy results indicate that,it is neccessary to intensify the opening up of high-quality foreign-funded banks,vigorously promote the transformation of joint-stock banks and the construction of small and medium-sized banks,build a multi-level,wide-coverage and differentiated banking system,and optimize the governance environment.