Banking Integration and Capital Misallocation: Evidence from China 银行业务整合与资本错配:来自中国的证据

时间:2022-12-02         阅读:

光华讲坛——社会名流与企业家论坛第6365期

主题Banking Integration and Capital Misallocation: Evidence from China 银行业务整合与资本错配:来自中国的证据

主讲人华中科技大学 孔东民教授

主持人亚搏官方(中国)责任有限公司经济与管理研究院 郭萌萌教授

时间12月9日 10:00-11:30

地点腾讯会议,会议ID:104-997-257

主办单位:经济与管理研究院 科研处

主讲人简介:

孔东民,华中科技大学二级教授,博士生导师。在Journal of Law and Economics, Management Science,《经济研究》《金融研究》《经济学季刊》等国内外期刊发表论文约三百篇。主持国家社科基金重大项目、国家自然科学基金面上项目等多项课题。并承担世界银行、财政部、国资委、国开行、中国建设银行、上交所等机构的联合研究课题。任China Finance Review International, Finance Research Letters, Economic System, Emerging Markets Finance and Trade, International Journal of Finance and Economics等期刊副主编以及Economic Analysis and Policy联合主编。多次荣获校师德先进个人、三育人积极分子以及湖北省社会科学优秀成果奖。

内容提要:

Using the staggered intercity deregulation of local banks in China as exogenous variations, we evaluate the effect of banking integration across geographical segmentation on capital misallocation. Based on an administrative dataset comprehensively covering Chinese manufacturing firms, we find that for firms with initially high marginal revenue products of capital (MRPK), the integration increases physical capital by 18.5%, and reduces MRPK by 31.3% relative to low MRPK firms. Our findings are more pronounced for non-stated-owned firms and firms with higher exposure to integrated banks. The integration also significantly increases the responsiveness of firm’s investment to deposits change of neighboring cities.

利用中国地方银行的交错城际放松监管作为外生变量,我们评估了地理分割下的银行业务整合对资本错配的影响。基于一个全面覆盖中国制造企业的行政数据库,本文得出如下结论:(1)与初始资本边际收益产品(MRPK)低的企业相比,初始资本边际收益产品(MRPK)高的企业在银行业务整合后增加了18.5%的实物资本、降低了31.3%的MRPK;(2)对非国有企业和对综合性银行有较高风险的企业结果更显著;(3)整合显著提高了企业投资对周边城市存款变化的反应能力。