本文基于银企关系稳定的视角，利用上市企业银行贷款数据，实证分析2009年放松中小商业银行分支机构市场准入政策对企业融资行为的影响。研究发现，长期来看，政策实施后，企业转换贷款银行的比例显著降低，证实中小商业银行的扩张对稳定银企关系具有积极作用。政策促使银行通过优化融资服务、提升匹配度来维系客户关系，企业无须频繁转换银行来改善贷款条件。进一步研究发现，持续累积的银企关系显著提升企业年贷款额与信贷可得性，形成“关系积累–融资改善–转换动机减弱”的正向循环。基于研究结果，本文建议从差异化准入机制和服务能力建设两方面推动中小银行有序扩张，引导其通过竞争实现服务优化和资源配置效率提升，进一步稳定银企关系、改善企业融资环境，推动信贷市场更好服务实体经济。
Distance and Financial Connection: Dynamics in Private Firms’ Bank Loan Availability.
Shao-Chieh Hsueh and Shuoxun Zhang*.
Emerging Markets Finance and Trade, 2024
This study investigates the impact of borrower-lender distance on credit availability for private firms. Utilizing an extensive loan record history, we categorize loans into initial and subsequent borrowings. Our analysis reveals a consistent trend: loan size diminishes with increasing distance, even after accounting for Fintech effects. A noteworthy finding is the divergent role of financial connections. During initial borrowings, they mitigate the adverse effects of distance, while in subsequent borrowings, they become a positive signal to lenders, particularly post-soft information insights. These insights highlight intricate dynamics in credit availability, emphasizing the evolving roles of technology and financial connections in shaping lending relationships for private firms.
DOES FORMAL FINANCIAL DEVELOPMENT CROWD IN INFORMAL FINANCING? EVIDENCE FROM CHINESE PRIVATE ENTERPRISES
Liming Hou, Shao-Chieh Hsueh, Shuoxun Zhang
Economic Modelling, August 2020
The relationship between formal and informal finance is uncertain. They serve as substitute for high-quality borrowers but are complement for low-quality borrowers. As formal financial institutions expand, they may concentrate on high-quality borrowers or diversify among borrowers of different qualities. Using unique survey data from Chinese private firms, we are allowed to investigate the relationship for a group of borrowers who were considered as low-quality. We find that formal financial development imposes a crowd-in effect for private firms’ informal financing, especially in East China. There is heterogeneity between East and West China. We document that the crowd-in effect is greater for private firms with bank access or of large size.
银行可得性与企业融资：机制与异质性分析
张烁珣，独旭
管理评论 2019.05
本文利用 2007－2013 年中国工业企业数据库与银行地址分布数据研究了银行可得性对企业融资的异质性影响以及作用机制。研究结果表明: ( 1) 银行可得性的提高 能够增强企业的融资水平， 降低企业的融资成本。( 2) 银行可得性对不同规模不同所有制的企业均具有异质性影响。( 3) 银行可得性主要通过“竞争效应”与“距离效应”两个渠道影响企业融资。( 4) 虽然互联网的发展会削弱银行可得性对企业融资的影响， 但是现阶段银行可得性仍然会影响企业融资。本文的研究结果显示应继续推进“普惠金融”政策的实施， 支持商业银行合理有效扩张， 提高银行可得性， 缓解企业融资难、融资贵困境。