Bank Heterogeneous Competition and Resource Allocation Efficiency
Revealing the profound impact of heterogeneous bank competition on resource allocation efficiency is the key to promoting the high-quality development of the financial industry.This paper introduces the risk-taking behavior of monetary policy banks into the analytical framework of heterogeneous bank competition,analyzes the impact of banking competition on resource allocation effi-ciency from the theoretical level,and at the same time explores the important role played by the risk-taking channel of monetary poli-cy banks,and empirically tests it by using China's industrial enterprise database and urban panel data.It is found that heterogeneous competition in the local banking sector reduces resource allocation efficiency in general,a conclusion that still holds after construct-ing an instrumental variable test using the quasi-natural experiment of urban commercial bank establishment.However,the asym-metric policy transmission effect created by increased heterogeneous competition in the local banking sector allows tight monetary policy to help mitigate the reduction in resource allocation efficiency.It is further found that this mitigating effect mainly comes from firms with higher productivity but stronger financing constraints.Against the backdrop of an increasingly complex internal and exter-nal economic environment,the findings highlight the value of the risk-taking channel of monetary policy banks and provide a useful policy reference for the construction of a differentiated"two-pillar"regulatory framework.
Bank Heterogeneity CompetitionResource Allocation EfficiencyMonetary PolicyBank Risk-taking
万方数据
维普
