惟精惟勤,玉汝于成:信贷专业化与企业新质生产力发展
Lending Specialization and the Development of Corporate New Quality Productive Forces
张雪兰 1王剑 1徐子尧 2申程程2
作者信息
- 1. 中南财经政法大学金融学院
- 2. 四川大学经济学院
- 折叠
摘要
面对世界百年未有之大变局,基于行业专业化的产业金融发展对加速形成新质生产力举足轻重.立足于新质生产力的基本内涵构建企业层面指标体系,基于A股上市公司2011-2022年数据,考察信贷专业化对企业新质生产力的影响及机制.研究发现,信贷专业化通过优化资本结构、改善投资效率、提高风险承担,促进企业新质生产力发展.异质性分析表明,信贷专业化对新质生产力的促进作用在规模较小、银企关联较弱和公司透明度较低的企业中更显著.此外,银行竞争、金融数字化和科技金融政策能发挥协同效应.因此,应鼓励银行制定特色化、专业化的发展战略,同时重视银行竞争格局和科技金融生态的建设和完善,促进新质生产力加速形成以助力中国式现代化.
Abstract
In the face of global changes unseen in a century,the development of industrial fi-nance based on sectoral specialization has a catalytic effect on accelerating the formation of new quality productive forces.Based on the fundamental connotation of new quality productive forces,this paper constructs a firm-level indicator and examines the impact mechanism of lending spe-cialization on new quality productive forces sampling with A-share listed companies from 2011 to 2022.Evidence has been found that lending specialization promotes the development of corporate new quality productive forces by optimizing capital structure,improving investment efficiency,and enhancing risk-taking.Heterogeneity analysis shows that the contribution of lending specializa-tion to new quality productive forces is more pronounced among smaller private firms,those with weaker bank-business linkages,and those with lower corporate transparency.Moreover,bank competition,financial digitalization,technology-based financial policies can exert synergistic effects.Therefore,banks should be encouraged to formulate distinctive and specialized develop-ment strategies,as well as pay attention to the banking competition landscape and the construction and improvement of technology finance ecosystems,so as to accelerate the formation of new quali-ty productivity to achieve Chinese-style modernization.
关键词
信贷专业化/企业新质生产力/银行竞争/金融数字化Key words
lending specialization/corporate new quality productive forces/banking competi-tion/financial digitalization引用本文复制引用
基金项目
国家社会科学基金一般项目(21BJY235)
出版年
2024
NETL
NSTL
万方数据