金融发展、影子银行区域流动和反哺效应——基于中国委托贷款数据的经验分析

发布时间：2018-04-04 21:04

本文选题：影子银行　切入点：金融发展　出处：《中国工业经济》2017年06期

【摘要】：本文运用手工搜集整理的委托贷款这一独特数据,从区域视角考察了中国影子银行运作问题。理论分析揭示出,在地区金融发展水平参差不齐背景下,东部地区企业享有融资便利与中西部地区企业面临较紧融资约束的现象并存,这促使两者有激励通过借贷交易实现共赢,从而导致委托贷款跨区域流动。实证检验结果表明,金融发展水平对委托贷款区域流动施加了实质影响:与金融发展水平较低地区的企业相比,金融发展水平较高地区的企业,不仅向异省企业发放委托贷款的概率和规模更大,而且向金融发展水平较低地区企业发放委托贷款的概率和规模也相对更大。进一步的实证研究揭示出,委托贷款跨区域流动主要依靠股权关联关系机制实现,而且与金融发展水平较低地区流向金融发展水平较高地区的委托贷款相比,对反向流动的委托贷款而言,不仅贷款规模更大、期限更长,而且借贷利率相对更低。这些经验证据表明,委托贷款这一影子银行机制缓解了中西部地区企业的融资约束,对金融发展水平相对落后地区的企业施加了显著的"反哺效应",从而有利于促进区域经济的均衡发展。
[Abstract]:This paper investigates the operation of shadow banking in China from a regional perspective by using the unique data collected and collated by hand.The theoretical analysis reveals that under the background of uneven regional financial development level, enterprises in the eastern region enjoy financing facilities and enterprises in the central and western regions face the phenomenon of tight financing constraints.This provides incentives for mutual benefit through lending transactions, leading to cross-regional flows of entrusted loans.The empirical results show that the financial development level exerts a substantial influence on the regional flow of entrusted loans: compared with the enterprises in the regions with lower financial development level, the enterprises in the areas with higher financial development level have a substantial impact on the regional flow of entrusted loans.Not only the probability and scale of issuing entrustment loans to enterprises in other provinces are larger, but also the probability and scale of issuing entrustment loans to enterprises in areas with lower financial development level are also relatively larger.Further empirical research reveals that the cross-regional flow of entrusted loans mainly depends on the equity correlation mechanism, and compared with the entrusted loans flowing to the areas with higher financial development level in the lower level of financial development.For reverse flows of entrusted loans, not only are loans larger and maturities longer, but lending rates are relatively low.This empirical evidence shows that the shadow banking mechanism of entrustment loans has eased the financing constraints of enterprises in the central and western regions.It exerts a significant "back feeding effect" on the enterprises in the relatively backward areas of financial development, which is conducive to promoting the balanced development of regional economy.
【作者单位】：华中科技大学经济学院;
【基金】：国家自然科学基金面上项目“基于企业间委托贷款的非正规金融研究:制度环境、运作机理和经济效应”(批准号71473091)
【分类号】：F275;F832.3

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