首页|地方性金融机构优化了金融资源配置吗?——来自城市商业银行设立的证据

地方性金融机构优化了金融资源配置吗?——来自城市商业银行设立的证据

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以城市商业银行为代表的地方性金融机构在促进地区经济增长和金融市场发展的同时,也会对地区内金融资源配置的模式和效率产生重要影响.实证研究发现:(1)城市商业银行的设立加剧了地区金融资源错配程度,且这一影响在中部、西部城市和资本依赖型行业中更显著;(2)城市商业银行的设立增加了地区内企业的信贷可得性,但也使更多的信贷资源流向了回报率较低的国有企业,造成地区金融资源分配的非理性化;(3)城市商业银行的设立对地区金融资源配置效率的负面影响会随着地方政府干预的减少而被弱化.上述结论为促进我国地方性金融机构的发展和提升地区金融资源配置效率提供了重要的理论和实证经验.
Does Local Financial Institutions Promote the Efficiency of Financial Resource Allocation?—Evidences from the Entry of City Commercial Banks
As local financial institutions with the characteristics of"localization",city commercial banks(CCBs)have indeed played an important role in the allocation of regional financial resources since their establishment in China.Previous studies suggest that CCBs would perform better than large banks,such as state-owned banks and joint-share banks,since CCBs are smaller,flexible and have local information advantages.However,since their establishment,CCBs have been facing the problems of high default rates and increasing non-performing assets,which even triggered off several regional financial risk crises.In that case,questions arise:whether the entry of CCBs optimized the allocation of financial resources or exacerbated the mismatch of financial resources?What is the mechanism behind its influence?To answer the above questions,this study introduces the first deregulation on city commercial bank entry and exploits a staggered difference-in-difference regression model.We first manually collect a list of cities that established CCBs during 1998 and 2007.Among them,55 cities established a CCB(experimental group),and 146 cities did not establish a CCB(control group).Referring to Toni and White,we then estimate the extent of financial resource mismatch on city-industrial level over the sample period using the China Industrial Enterprises Database for 1999-2007.The descriptive statistics show that after subgrouping,the mean values of the control group and experimental group are 0.746 and 0.707 respectively,indicating there is a significant difference in the efficiency of financial resource allocation between the experimental and the control groups.The benchmark regression results show that the entry of CCBs significantly exacerbated the extent of financial resource mismatch.The results still hold after a variety of robustness tests.In the heterogeneity analysis,we find that the negative impact is mainly concentrated in the central and western regions where the development of the financial market is more backward in China,as well as in the capital-dependent industries.Further analysis shows that the entry of CCBs increased access to credit for local firms but also caused more credit resource flows to lower efficient state-owned firms.After taking local government intervention into account,we find that as the degree of local government intervention increased,the negative impact strengthened,with more credit resources being allocated to firms affiliated with the local government,leading to inefficient allocation.This study makes contributions to the existing literature focusing on bank deregulation.Contrary to the majority of studies that the entry of banks leads to increased regional competition and improves the efficiency of credit resource allocation,this study argues that local banking markets that receive more government intervention can cause an inefficient allocation of financial resources.Additionally,this study also provides an important theoretical basis and practical experience for promoting the development of local financial institutions and enhancing the efficiency of regional financial resource allocation in developing countries like China.

local financial institutionscity commercial banksfinancial resource mismatchlocal government intervention

金雪军、施云辉、吴鹏

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浙江大学 经济学院,浙江 杭州 310058

浙江财经大学 经济学院,浙江 杭州 310018

地方性金融机构 城市商业银行 金融资源错配 地方政府干预

国家自然科学基金项目浙江省软科学研究计划基金项目

716732492021C25048

2024

浙江大学学报(人文社会科学版)
浙江大学

浙江大学学报(人文社会科学版)

CSTPCDCSSCICHSSCD北大核心
影响因子:1.431
ISSN:1008-942X
年,卷(期):2024.54(1)
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