摘要
中国地方政府特别热衷于推动成立其能控制或干预的地方性金融机构，村镇银行是其中最新的代表。以村镇银行为例，我们考察了地方性金融机构设立的内生条件和各地区在成立地方性金融机构上存在的攀比效应。我们发现县市经济发展水平、政府财政自主度对村镇银行的成立有显著影响，地方性金融机构的设立存在一定的内生性。基于空间Probit模型的结果也表明，周边县市村镇银行的成立，会刺激本县市村镇银行的成立，地方性金融机构的设立存在攀比效应。我们的结论通过了稳健性分析和反事实推断。
In China, the local government is keen to establish its local financial institutions, in which the county banks are the newest representatives. In this paper, using the county banks as examples, we examine the endogenous conditions for the establlshment of the local financial institutions, and the competitive effect between the counties. We find that the level of economic development and the financial autonomy of the local government have a positive influence on the establishment of the local financial institutions. It means the establishment of local financial institutions in China is endogenous. Using the Spatial Probit Model, we also find that the establishment of county banks of surrounding counties will stimulate this county to establish its county bank. The establishment of local financial institutions has a competitive effect between the counties. Our finding is consistent under robustness test and counterfactual inference.
出处
《金融学季刊》
CSSCI
2014年第2期36-56,共21页
Quarterly Journal of Finance
基金
本研究得到国家社会科学基金重大项目（项目编号：12＆ZD074）和上海新金融研究院的科研资助.本文得益于与胡军博士、熊瑞祥博士等的讨论.本文曾在《金融学季刊）2014年暑期研讨会上报告,感谢与会专家的评论.文责自负.
关键词
地方性金融机构
晋升锦标赛
攀比效应
PROBIT模型
空间计量模型
Local Financial Institutions, Promotion Tournaments, Competitive Effect, Probit Model, Spatial Econometric Model
