摘要
中国情景下银行体系对企业创新究竟会造成怎样的影响,这不仅是事关创新驱动发展战略能否落实的核心问题,也是事关银行主导的金融体制改革方向的重大问题。本文基于中国银行异地市场准入管制放松政策的特定背景,利用银行管制放松带来的股份制商业银行和城市商业银行在地级市层面进入以及营业网点数量扩张所形成的银行结构性竞争,实证检验银行体系对企业创新活动造成的影响效应。本文发现:总体而言,银行结构性竞争对企业创新活动造成了显著的U型影响效应,表明其所具有的二重性作用效应,即当银行结构性竞争尚未超过临界值时,竞争对企业创新造成抑制效应,而当银行结构性竞争超过特定临界值时,竞争才会对企业创新产生促进效应。后续的机制分析进一步发现:银行业自身结构性变化所蕴含的垄断特征是产生这种显著U型关系的内在动因,国有五大银行、股份制商业银行以及城市商业银行的结构性差异对企业创新活动造成了显著的差异性作用,其叠加效应是形成这种U型关系的内在机制。本文的经验发现为重新审视和深入理解发展中国家银行体系和企业创新之间的关系提供了重要证据。
How does bank system affect enterprises＇ innovation with the background of China, is not only a core question related to whether the strategy of development induced by innovation can be implemented, but also a key question of the reform direction of bank dominated financial system. In this paper, we empirically investigate the influence of bank system on enterprises＇ innovation by using the structural competition among banks induced by the entrants and outlets＇ expansion of joint-stock commercial banks and city commercial banks at the prefecture-level under the unique backsround of the deregulation policy of remote market entry in China. The main findings in this paper are： the significant U-shape effect of structural competition of bank with the background of China on enterprises＇ innovation, shows its dual effects, namely, when the bank competition is not exceeded the threshold value, the structural competition among banks has negative effect on enterprises＇ innovation; while exceeded, the structural competition then promotes the enterprises＇ innovation. The follow-up mechanism analyses reveal that, the structural change characteristics of bank industry is the internal determinant of the remarkable U- shape relationship; the structural differences among big-five state-owned banks, joint-stock commercial banks, and city commercial banks, have heterogeneous significant effects on enterprises＇ innovative activities, and superimposed effect of them is in charge of the U-shape relationship. The main findings in this paper provide important evidence to re-examine and deeply understand the relationship between the bank system in developing countries and enterprises＇ innovation.
作者
张杰
郑文平
新夫
ZHANG Jie ZHENG Wen-ping XIN Fu(Institute of China＇s Economic Reform ＆ Development, Renmin University of China, Beijing 100872, China School of International Trade and Economics, University of International Business and Economics, 3. Business School of Hohai University, Beijing 100029, China Nanjing 210098, Chin)
出处
《中国工业经济》
CSSCI
北大核心
2017年第10期118-136,共19页
China Industrial Economics
基金
国家自然科学基金面上项目"中国银行体制改革和制造业自主创新能力提升的协同发展模式研究"(批准号71773132)
关键词
银行异地市场准入管制放松政策
银行结构性竞争
企业创新
U型关系
bank deregulation policy of remote market access
structural competition of hanks
enterprises＇innovation
U-shape relationship
