银行业竞争有利于降低资本误置吗?——基于连续型倍差法的实证检验Banking Competition Help to Reduce Capital Misallocation? Base on the Continuous Difference-In-Difference Method
赖永剑;贺祥民;
摘要(Abstract):
使用连续型倍差法对中国250个地级以上城市数据进行分析,研究银行业竞争对资本误置的影响。发现银行业竞争对资本误置具有显著的削弱效应,该效应受制于行业的外部融资依赖度,并存在明显的行业异质性,且在民营企业、中小规模企业、年轻企业占比较大的行业其作用尤为突出。比较发现,股份制商业银行在降低资本误置的作用中发挥了最大的效应,国有大型商业银行的贡献最小。进一步机制检验表明,促进资本向高生产率和高资本边际收益产品的企业重置是银行业竞争降低资本误置的主要渠道,这是银行的"筛选机制"和市场的"动态演化机制"发挥作用的结果。
关键词(KeyWords): 银行业竞争;资本误置;连续型倍差法;生产率;资本边际收益产品
基金项目(Foundation): 国家自然科学基金项目“资本误置对中国工业企业技术创新绩效的影响”(71563029);; 江西省软科学项目“资本市场不完善对江西工业企业创新能力的影响研究”(20161BBA10041)
作者(Author): 赖永剑;贺祥民;
Email:
DOI: 10.16537/j.cnki.jynufe.000419
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- (1)企业TFP,我们采用Ackerberg等[29]的方法进行估算,该方法可以较好克服生产函数设定的偏误。