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The Impact of Foreign Bank Deregulation on Firm Performance: Evidence from China

讲座题目:The Impact of Foreign Bank Deregulation on Firm Performance: Evidence from China

中文题目:外资银行开放政策对中国企业的影响-基于微观企业数据的实证分析

时间:12月26日下周二12:20-1:20

地点:博学925

主讲人:李伟,博士毕业于美国马里兰大学经济系,本科于清华大学经济管理学院获得学士学位。主要研究方向是国际金融市场,企业动态分析和全球背景下跨国公司的创新,侧重于用微观的企业,银行,专利数据来分析政策变化对宏观经济的影响。

讲座摘要:Following the deregulation policies implemented by the Chinese government in 2001, foreign banks were allowed to enter the Chinese banking market gradually, in different years in different cities. As a result, from 2001 to 2006 firms in different cities had different access to foreign bank credit. The change in the foreign bank lending policy caused geographic and timing variation in the supply of foreign bank loans and in the city-level banking competitive pressure. Using an extensive firm-level data set from the manufacturing census in China, this paper studies the impact of the foreign bank entry at the city level on domestic firms' credit access and real performance outcomes. Empirical results suggest that after foreign bank entry, private-owned firms which were previously more credit-constrained obtained more bank loans, increased investment and increased sales significantly more than state-owned firms, which were previously less constrained. The findings provide evidence that policy-driven positive foreign credit supply shocks could reduce domestic firms' financing constraints, especially for private-owned enterprises. In addition, I investigate the hypothesis that foreign bank entry intensified competition in the domestic banking sector, using a newly constructed regional bank competition index. Results confirm that increases in bank competition brought by foreign bank entry improved credit access for private-owned firms relative to state-owned firms.

中文摘要:本文利用中国特色的渐进式的外资银行开放政策来分析外资银行准入政策的放松对中国国内企业融资以及实体经济投资的影响。具体分析外资银行的准入对企业的金融约束的影响,结论发现外资银行的准入以及外资银行对城市商业银行的投资对之前融资困难的私营企业获得短期贷款(相对于国有企业融资困难)具有显著的影响。