Spatial Structure of China's Banking Sector and Total Factor Productivity of Industrial Firms
Enhancing the spatial efficiency of financial resource allocation is of paramount importance.In this study,we theoretically elucidate how three spatial factors—distance,density,and segmentation—affect financial resource allocation through the competition effect,localization effect,and diversification effect.By integrating spatial costs into our analysis,we expand upon the classical"center-periphery"model of new economic geography,demonstrating that optimizing spatial efficiency is a critical pathway for fostering synergistic development between finance and industry.Using data from Chinese industrial enterprises spanning from 1998 to 2014,we empirically investigate the impact and mechanisms of China's banking sector's spatial structure on total factor productivity.Our findings unveil an inverted U-shaped relationship between the number of commercial banks in the periphery of industrial enterprises and total factor productivity,primarily influenced by state-owned banks.Mechanism analysis suggests that within China's marketization process,the spatial structure of the banking industry has notably increased corporate debt scale while concurrently decreasing corporate financing costs.However,it exhibits an inverted U-shaped relationship with corporate investment efficiency.Further investigation reveals that the influence of the banking industry's spatial structure on enterprise productivity manifests an institutional threshold effect.Once per capita income levels,the degree of openness,and the strength of the intellectual property protection system surpass the second threshold values,the growth in the number of commercial banks in proximity significantly stimulates the growth of enterprise productivity.Small and medium-sized enterprises,private enterprises,and those receiving fewer government subsidies are more susceptible to the negative impacts of changes in the spatial structure of the banking industry.Additionally,enhancing regional marketization levels can optimize the spatial.
Bank CompetitionFinancial Spatial StructureTotal Factor ProductivityResource Allocation EfficiencyThreshold Effect
NETL
NSTL
万方数据
