A Study on the Mechanism of Bank Branch Access Deregulation Affecting Corporate Diversification:Empirical Evidences Based on Chinese City Commercial Bank Branches
Corporate diversification benefits from the bank's fund provision for corporate diversification and is subject to the external supervision of the bank's role in creditor governance.Based on the resource-based theory and agency theory,taking the A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2004 to 2020 as research samples,combined with the city commercial bank branch data,this study empirically tests whether bank branch access deregulation has an impact on corporate diversification,and the way,direction and degree of the impact,using the multiple linear regression method.The empirical results confirm that bank branch access deregulation is positively related to corporate diversification;in the process of the bank branch access deregulation positively affecting corporate diversification,the bank alleviating the financing constraints of enterprises and increasing the self-interested behavior of management play the mediating effect;the audit quality of the accounting firm hired by the enterprise and the quality of the internal control of the enterprise play a moderating role.This study tries to combine the reform of bank regulation and corporate diversification to investigate the influence mechanism of bank branch access deregulation affecting corporate diversification,which expands the application boundaries of resource-based theory and agency theory to a certain extent and enriches the related literature on bank regulation and corporate diversification.The findings can provide a theoretical basis for the banking system reform and corporate diversification.
Corporate diversificationBank branch access deregulationFinancing constraintAgency problem
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