摘要
文章以2010-2019年中国制造业企业和商业银行为研究对象构建银行竞争度衡量指标,发现商业银行竞争的加剧能够显著降低制造业企业的现金持有水平。作用机制检验发现,代理冲突在商业银行竞争对企业现金持有水平的影响中发挥了部分中介作用。异质性检验结果表明,对民营企业、中小企业和所在地区经济发展水平高的企业来说,商业银行竞争对企业现金持有水平的影响更为显著。文章对商业银行竞争与企业现金持有水平关系的分析丰富了商业银行竞争的影响研究和企业现金持有水平的影响因素研究,为改善民营企业和中小企业融资难等问题提供了经验证据。
The author takes Chinese manufacturing enterprises and commercial banks from 2010 to 2019 as the research sample and builds the index of bank competition degree,finds that the intensification of competition among commercial banks can significantly reduce the cash holding level of manufacturing enterprises. The author further finds that agency conflict plays a partially mediating role in the effect of commercial bank competition on firms’ cash holding levels through a mechanism of action test. In addition,the heterogeneity test results show that the effect of commercial bank competition on firms’ cash holding levels is more significant for private firms, small and medium-sized enterprises, and for firms in regions with a high level of economic development. The analysis of the relationship between commercial bank competition and firms’ cash holding levels enriches the research on the impact of commercial bank competition and the research on the factors influencing firms’ cash holding levels, and provides empirical evidence for improving the financing difficulties of private firms and small and medium-sized enterprises.
作者
贺潇霄
HE Xiaoxiao(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222)
出处
《上海立信会计金融学院学报》
2023年第1期31-41,共11页
Journal of Shanghai Lixin University of Accounting and Finance
基金
国家社会科学基金一般项目(20BJY242)。
关键词
商业银行竞争
现金持有水平
代理冲突
市场力量假说
信息基础假说
Commercial bank competition
Cash holding level
Agency conflict
Market power hypothesis
Information-based hypothesis
