金融雙周論壇

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

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

中文題目：外資銀行開放政策對中國企業(yè)的影響-基于微觀企業(yè)數(shù)據(jù)的實證分析

時間：12月26日下周二12:20-1:20

地點：博學925

主講人：李偉，博士畢業(yè)于美國馬里蘭大學經(jīng)濟系，本科于清華大學經(jīng)濟管理學院獲得學士學位。主要研究方向是國際金融市場，企業(yè)動態(tài)分析和全球背景下跨國公司的創(chuàng)新，側(cè)重于用微觀的企業(yè)，銀行，專利數(shù)據(jù)來分析政策變化對宏觀經(jīng)濟的影響。

講座摘要：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：本文利用中國特色的漸進式的外資銀行開放政策來分析外資銀行準入政策的放松對中國國內(nèi)企業(yè)融資以及實體經(jīng)濟投資的影響。具體分析外資銀行的準入對企業(yè)的金融約束的影響，結(jié)論發(fā)現(xiàn)外資銀行的準入以及外資銀行對城市商業(yè)銀行的投資對之前融資困難的私營企業(yè)獲得短期貸款（相對于國有企業(yè)融資困難）具有顯著的影響。