银行业竞争、融资约束与企业技术效率——基于随机前沿模型的实证检验

Competition of Banking Industry,Financing Constraints and Technical Efficiency of Enterprises:Empirical Analysis Based on Stochastic Frontier Model

基于中国制造业上市企业2003—2016年的样本数据,采用异质性随机前沿模型,实证检验银行业竞争对企业技术效率的影响。研究表明,银行业竞争降低了企业的融资约束程度,对企业研发投资具有显著的正向影响,进而促进企业技术效率的提升;银行业竞争显著提高了企业经营绩效和企业价值。

Based on the sample data of China’s manufacturing listed companies from 2003 to2016,the paper empirically examines the impact of banking competition on the technical efficiency of firms by using heterogeneous stochastic frontier model. The results show that banking competition reduces the degree of firms’ financing constraints and has a significant positive impact on R&D investment of firms,thus promoting the improvement of firm technical efficiency. Meanwhile,banking competition has significantly improved business performance and firm values.