【作者】 马俊；

【导师】 戈国莲；

【作者基本信息】 吉林大学 ， 金融硕士（专业学位）， 2023， 硕士

【摘要】 中国金融体制改革进入新阶段,银行从业准入条件进一步放开并逐步规范化管理,中小型商业银行、农村金融机构以及新型金融机构从数量和规模两个维度迅速扩张。随着其他金融机构的崛起,不断地削弱国有大型商业银行市场份额的同时,也在一定的程度上使得整个银行业的竞争程度在不断上升,这种现象的发生不仅对提升银行的服务质量有着促进作用,而且对于企业信贷资金的获取有着至关重要的作用。为深入研究银行业竞争对企业债务融资能力的影响,本文将企业债务融资能力分为融资可得性、融资规模、融资成本、融资期限四个方面,深入剖析银行业竞争对企业债务融资能力的影响方式和影响程度。文章通过选取2010年到2021年我国A股非金融上市企业为研究对象,在对现有的研究成果进行梳理和归纳总结的基础上,通过优序融资理论、金融结构理论、产业组织理论为理论基础,分析了中国银行业的竞争度和企业债务融资能力之间的关系。基于相关理论提出研究假设,通过基准回归、稳健性检验、内生性检验以及异质性分析等研究二者之间的关系。通过相关的回归结果得出如下结论:第一,银行业竞争程度的增加会显著提高企业的债务融资能力;第二,通过异质性分析得出对于不同的地区以及不同的企业属性,银行业竞争对于企业债务融资能力的影响是不同的;第三则是通过“U”型检验分析,得出银行业竞争对企业的债务融资能力之间存在部分“U”型相关,具体体现在融资成本以及融资期限;第四,通过引入机制变量股价波动性,根据实证表明银行业竞争能够在一定程度上降低企业的股价波动性,而企业也能够通过良好的企业管理获得更为优质的银行贷款。最后,根据实证结果表明,为了促进我国银行业竞争的良性发展,以及提高企业的融资能力,本文从政府、银行、企业三个层面提出相关的建议:对于政府而言,要大力发展基层金融机构,满足经济落后地区的资金需求,更需要促进银行业健康发展,发挥其领导作用;对于银行则需要提高其服务能力,优化申贷手续,提高风险防控能力,在国家政策的指导下,有序、高效地打造其多元化业务从而满足不同的客户需求;而对于企业,更需要提高经营能力,抓住融资机遇,优化银企关系,利用当地经济发挥其优势,打造优势产业。更多还原

【Abstract】 China’s financial system reform has entered a new stage,and the entry conditions for banking industry have been further relaxed and gradually standardized.Small and medium-sized commercial banks,rural financial institutions,and new financial institutions have rapidly expanded from both quantity and scale dimensions.With the rise of other financial institutions,while continuously weakening the market share of large commercial banks in China,the competition in the entire banking industry is also increasing to a certain extent.This phenomenon not only promotes the improvement of bank service quality,but also plays a crucial role in obtaining credit funds for enterprises.In order to deeply study the impact of banking competition on enterprises’ debt Financing capability,this paper divides enterprises’ debt Financing capability into four aspects: financing availability,financing scale,financing cost,and financing period.By selecting China’s A-share non-financial listed enterprises from 2010 to 2021 as the research object,this paper analyzes the relationship between the competitiveness of China’s banking industry and enterprises’ debt Financing ability on the basis of sorting out and summarizing the existing research results,and using the pecking order financing theory,financial structure theory,and industrial organization as the theoretical basis.Based on relevant theories,propose research hypotheses and study the relationship between the two through benchmark regression,robustness testing,endogeneity testing,and heterogeneity analysis.Through the relevant regression results,we can draw the following conclusions: First,the increase of banking competition will significantly improve the debt Financing capacity of enterprises;Secondly,through heterogeneity analysis,it can be concluded that the impact of banking competition on corporate debt financing ability varies for different regions and corporate attributes;The third is through the "U" test analysis,which concludes that there is a partial "U" correlation between banking competition and the debt financing ability of enterprises,which is reflected in financing costs and financing terms;Fourthly,by introducing the mechanism variable stock price volatility,empirical evidence shows that banking competition can reduce the stock price volatility of enterprises to a certain extent,and enterprises can also obtain higher quality bank loans through good corporate management.Finally,according to the empirical results,in order to promote the healthy development of competition in China’s banking industry and improve the financing capacity of enterprises,this article proposes relevant suggestions from three levels:for the government,it is necessary to vigorously develop grassroots financial institutions to meet the funding needs of economically underdeveloped areas,and more importantly,to promote the healthy development of the banking industry and play its leading role;For banks,it is necessary to improve their service capabilities,optimize loan application procedures,improve risk prevention and control capabilities,and under the guidance of national policies,orderly and efficiently build their diversified businesses to meet different customer needs;For enterprises,it is even more necessary to improve their operational capabilities,seize financing opportunities,optimize the relationship between banks and enterprises,leverage local economic advantages,and create advantageous industries.更多还原