摘要
为了整治金融机构监管套利、空转套利和关联套利等系列金融“乱象”,监管部门陆续出台了一系列措施,督促银行表外资产回表、非标资产转标。将非标业务监管政策的出台视为一次准自然实验,以2015年作为非标业务监管的起始年,采用倾向得分匹配双重差分法(PSM-DID)检验非标业务监管对民营企业融资困境的影响。研究结果显示,商业银行非标资产业务监管在一定程度上加大了民营企业的融资困境,且其冲击力度存在异质性,利润现金含量较低、采取激进型战略的民营企业,受到非标业务监管冲击的力度更大。进一步实证的结果显示,民营企业融资额与银行非标业务额之间存在倒U型的非线性关系。所得到的政策启示是,在制定宏观经济调控政策时,应预判监管政策产生的负向冲击力度,避免政策工具之间的冲突效应。
In order to rectify financial“chaos”such as regulatory arbitrage,idle arbitrage and related arbitrage among financial institutions,regulators have introduced a series of measures since 2015 to urge banks to return their off-balance-sheet assets to the balance sheets and transfer their non-standard assets business.In this paper,the series of non-standard regulatory policy is regarded as a quasi-natural experiment.Taking 2015 as the starting year of non-standard regulatory,we use Propensity Score Matching and Difference-in-Differences Model(PSM-DID)to analyze the influence of the non-standard asset regulatory on the financing difficulties of private enterprises,and whether there is a different influence on different private enterprises with different profit ability and different orienting strategy.The results show that the non-standard asset regulatory has increased the financing difficulties of private enterprises to a certain extent,and the impact on the financing difficulties of different profitability and different strategies has a heterogeneity,that is,the lower the cash level of net profit is,the more aggressive the strategy the private enterprises adopt,the stronger the impact of the non-standard regulatory is.At the same time,the results of this paper show that there is an inverted U-shaped non-linear relationship between private enterprise financing quantity and non-standard asset business of commercial banks.The inspiration is that when making a policy of macro-economic adjustment,the policy makers should predict the negative impact brought by the supervision policy in order to avoid the conflict effect between the application of policy instruments.
作者
刘喜和
白晶
陶燕兰
LIU Xihe;BAI Jing;TAO Yanlan(School of Economics, Shanghai University, Shanghai 201900, China;Department of Investment, Dongdazhengbao Co. , Ltd. Beijing 100029, China)
出处
《审计与经济研究》
CSSCI
北大核心
2021年第1期101-109,共9页
Journal of Audit & Economics
基金
教育部哲学社会科学规划项目(19YJA790060)
上海市哲学社会科学规划基金项目(2017BJB007)。
关键词
非标业务监管
民营企业融资困境
PSM-DID
企业融资
融资模式
non-standard asset regulatory
private enterprise financing difficulties
PSM-DID
enterprise financing
mode of financing
