高铁建设与企业信贷配置研究——来自上市公司贷款公告的经验证据
High-Speed Rail Construction and Corporate Credit Allocation:Empirical Evidence from the Loan Announcements of Listed Companies
吴华强 1张承鹫 2才国伟3
作者信息
- 1. 广州大学经济与统计学院
- 2. 国家电力投资集团有限公司办公室
- 3. 中山大学岭南学院
- 折叠
摘要
通过手工整理2008-2021年近15万条A股上市公司的银行信贷公告数据,实证检验高铁建设如何影响企业信贷配置.研究结果表明,企业周边高铁站数增多,会提升企业从周边银行获取贷款的比重,且该影响机制在非省会城市企业样本中作用力度更大.高铁建设能够强化企业对周边信贷资源的依赖性,支持"信贷监管理论".机制分析表明,高铁站建设主要吸引银行机构在交通便利的地方聚集,有利于提高银行竞争及其对信贷的影响力度,进而提升企业从附近银行机构获取信贷的比重.研究揭示了交通基础设施是促进金融提升服务实体经济水平的一种作用机制,为中国实现交通强国和经济高质量发展提供一定的经验证据.
Abstract
This study meticulously analyzed nearly 150,000 pieces of data from bank credit announcements issued by A-share listed companies spanning from 2008 to 2021 to empirically examine how high-speed rail construction affects corporate credit allocation.The results indicate that an increase in the number of nearby high-speed rail stations enhances the proportion of loans companies obtain from local banks,with a more pronounced effect observed among compa-nies located in non-provincial capital cities.The construction of high-speed rail facilities rein-forces companies'dependence on nearby credit resources,supporting the"credit monitoring hy-pothesis."Mechanism analysis reveals that the development of high-speed rail stations mainly attracts banking institutions to areas with improved transportation,thereby intensifying bank com-petition and their influence on credit distribution.This,in turn,increases the proportion of credit that companies obtain from nearby banking institutions.The results reveal that transportation in-frastructure serves as a mechanism to enhance financial services to the real economy,providing empirical evidence to support China's goals of becoming a transportation powerhouse and achie-ving high-quality economic development.
关键词
交通基础设施/信贷配置/银行竞争/因果中介效应Key words
bank competition/causal mediation effect/credit allocation/transportation infra-structure引用本文复制引用
基金项目
国家社会科学基金青年项目(21CJY034)
出版年
2024
NETL
NSTL
万方数据