商业信用、信号效应与银行融资——基于A股制造业上市企业的实证分析
发布时间：2019-05-24 19:32
【摘要】：以A股制造业上市企业2003~2013年非平衡面板数据为基础,检验了商业信用对银行信贷的"信号"效应及二者之间由此产生的非线性特征,从而为互补理论与替代理论的融合提供了逻辑支持。本文发现,商业信用的信号效应对于"民营"企业的信贷约束具有更强的缓解作用,即"市场化信号"对优化资源配置效率具有积极意义;行业垄断程度越高、金融发展水平越低的地区及经济增长不确定性越强的时期,"市场化信号"的作用越弱;"负面"信号会导致商业信用与银行信贷从互补再次转回替代,即二者最终呈现"倒U型"关系。本文有助于理解信号机制在缓解信贷歧视、优化金融资源配置中的作用,也揭示出行业垄断及市场化进程如何通过信号机制来影响资源配置效率的微观机理。
[Abstract]:Based on the unbalanced panel data of A-share manufacturing listed enterprises from 2003 to 2013, the "signal" effect of commercial credit on bank credit and the nonlinear characteristics between them are tested. Thus, it provides logical support for the fusion of complementarity theory and substitution theory. In this paper, it is found that the signal effect of commercial credit plays a stronger role in alleviating the credit constraints of "private" enterprises, that is, "marketization signal" is of positive significance to optimize the efficiency of resource allocation. The higher the degree of industry monopoly, the lower the level of financial development and the stronger the uncertainty of economic growth, the weaker the role of "marketization signal". The "negative" signal will lead to the replacement of commercial credit and bank credit from complementary to each other, that is to say, the two will eventually show an "inverted U-shaped" relationship. This paper helps to understand the role of signal mechanism in alleviating credit discrimination and optimizing the allocation of financial resources, and also reveals how the process of industry monopoly and marketization affects the efficiency of resource allocation through signal mechanism.
【作者单位】： 天津财经大学经济学院;
【基金】：国家社科重点项目“新常态下我国影子银行体系的风险溢出效应及其对货币政策的影响研究”(15AJY021) 教育部人文社科基金项目“货币政策、营运资本平滑与投资效率的动态传导效应”(14YJC630174)
【分类号】：F275;F270
本文编号：2485121
[Abstract]:Based on the unbalanced panel data of A-share manufacturing listed enterprises from 2003 to 2013, the "signal" effect of commercial credit on bank credit and the nonlinear characteristics between them are tested. Thus, it provides logical support for the fusion of complementarity theory and substitution theory. In this paper, it is found that the signal effect of commercial credit plays a stronger role in alleviating the credit constraints of "private" enterprises, that is, "marketization signal" is of positive significance to optimize the efficiency of resource allocation. The higher the degree of industry monopoly, the lower the level of financial development and the stronger the uncertainty of economic growth, the weaker the role of "marketization signal". The "negative" signal will lead to the replacement of commercial credit and bank credit from complementary to each other, that is to say, the two will eventually show an "inverted U-shaped" relationship. This paper helps to understand the role of signal mechanism in alleviating credit discrimination and optimizing the allocation of financial resources, and also reveals how the process of industry monopoly and marketization affects the efficiency of resource allocation through signal mechanism.
【作者单位】： 天津财经大学经济学院;
【基金】：国家社科重点项目“新常态下我国影子银行体系的风险溢出效应及其对货币政策的影响研究”(15AJY021) 教育部人文社科基金项目“货币政策、营运资本平滑与投资效率的动态传导效应”(14YJC630174)
【分类号】：F275;F270
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