摘要
在新旧动能转换和经济结构转型背景下,构建完善的金融体系对优化金融资源配置、完善要素市场化配置体制机制至关重要。那么,作为金融供给侧结构性改革重点环节的地方金融机构发展是否缓解了融资约束,促进行业效率提升进而助力经济高质量发展?本文以制造业工业企业为样本,基于城市商业银行分批次设立的准自然实验构建多期双重差分模型,探究城市商业银行设立对行业资源配置效率和行业全要素生产率的作用效果并剖析其微观作用路径。研究发现,城市商业银行能够通过发挥自身软信息获取优势而非促进竞争,推动高盈利中小企业融资,具有显著的资源配置效应和效率效应,在市场化程度越高、行政干预越少的地区表现得越显著。本文的研究有助于系统理解小微企业金融服务助力经济高质量发展的效能,为推动金融供给侧结构性改革提供理论依据。
The misplacement of resources due to incomplete financial markets is key to productivity losses,highlighted by the heterogeneity of financial frictions faced by firms of different sizes preventing high-performing small and mediumsized enterprises(SMEs) from accessing external financing.Since the 19th National Congress of the Communist Party of China(CPC),the CPC Central Committee and the State Council have vigorously promoted the construction of a local financial system with the local banking sector at its core,hoping to “enhance financial inclusion” by facilitating access to the credit market for high-performing SMEs.So,does the development of local financial institutions optimize the allocation of resources among enterprises and thus contribute to high-quality economic development? The existing literature on the impact of local finance on the real economy includes microscopic perspectives on corporate financing constraints,corporate imports and exports,and corporate performance,and macroscopic perspectives on regional economic growth,foreign direct investment,labor force employment,and income distribution.However,few studies have systematically examined the impact of local finance on resource allocation efficiency and TFP on “improving quality and efficiency.”Using a quasi-natural experiment of establishing city commercial banks in batches in each region,this paper constructs a multi-period DID model to examine the impact of the establishment of city commercial banks on resource allocation efficiency and total factor productivity based on the data of manufacturing enterprises above designated size from 1998 to 2007.The study finds that the establishment of city commercial banks can improve inter-firm resource allocation and enhance total factor productivity,which remains robust after mitigating endogenous problems and conducting other robustness tests.Examining the mechanism behind the economic effect of city commercial banks can offer valuable insights for further mitigating resource mismatches and dri
作者
胡秋阳
李文芳
HU Qiu-yang;LI Wen-fang(School of Economics,Nankai University,Tianjin 300071,China)
出处
《财经问题研究》
北大核心
2023年第8期87-99,共13页
Research On Financial and Economic Issues
基金
国家自然科学基金面上项目“资金关联、资金供求与资金配置:宏观资金流视角的应用一般均衡模型构建及政策分析”(71874090)
教育部人文社会科学研究规划基金项目“资金供求的一般均衡分析框架、模型及在中国经济中的应用”(18YJA790034)。
