【摘要】 银行监管对于增强金融稳定、提高金融服务实体经济的质效至关重要。为探究银行监管的实体经济效应，本文将国家金融监督管理总局的银行行政处罚信息与中国A股上市公司数据相匹配，检验银行监管处罚对企业投资的影响。研究发现：银行监管处罚能够显著提高企业投资水平，且信贷业务违规处罚和轻度处罚对企业投资的影响更加显著。银行监管处罚影响企业投资的主要机制在于优化企业融资与抑制企业金融化。进一步分析发现，银行监管处罚还有助于提高企业投资质量。本文为全面加强银行监管提供了新的理论解释，对提高银行监管有效性与促进企业投资具有启示意义。更多还原

【Abstract】 Bank regulation is crucial to enhancing financial stability and improving the quality and efficiency of financial services to the real economy. To explore the real economic effects of bank regulation, we match the bank administrative penalty information from the National Financial Regulatory Administration with the data of China’s A-share listed firms, and examine the impact of bank regulatory penalties on corporate investment. We find that bank regulatory penalties can significantly improve corporate investment, and penalties for credit violations and light penalties have a more significant impact. The main mechanism of bank regulatory penalties affecting firm’s investment lies in optimizing corporate financing and restraining its financialization. Further, bank regulatory penalties can improve the quality of corporate investment. We provide a new theoretical explanation for comprehensively strengthening financial regulation, which has implications for improving the effectiveness of bank regulation and corporate investment.更多还原