Please wait a minute...
无标题文档
北京大学期刊网 | 作者  审稿人  编辑部       
首页本刊简介投稿须知写作与发表过刊浏览下载中心近期动态联系我们
经济科学 - 2021, Vol. 43(5): 84-98
银企距离对企业出口行为的影响研究
Impact of Borrower-Lender Distance on Firms' Export

金友森1,许和连2
Jin Yousen1, Xu Helian2

1.南京理工大学经济管理学院 江苏南京 210094
2.湖南大学经济与贸易学院 湖南长沙 410079
1. School of Economics & Management, Nanjing University of Science & Technology
2. School of Economics & Trade, Hunan University

发布日期: 2021-10-14
2021, Vol. 43(5): 84-98
DOI: 10.12088/PKU.jjkx.2021.05.06


PDF
[884 KB]
36
下载
74
浏览

引用导出
0
    /   /   推荐

摘要 本文基于金融地理学的视角,利用中国商业银行分支机构数据和中国工业企业数据库的匹配数据,实证研究了银企距离对企业出口行为的影响及其作用机制。研究发现,缩短银企距离显著促进了企业出口倾向和出口规模的提升。异质性检验表明,缩短企业与股份制商业银行地理距离的出口促进效应最强,城市商业银行和农村商业银行次之,国有大型商业银行最弱;缩短银企距离对民营企业和中西部地区企业出口的促进作用更强。影响机制检验表明,降低信息不对称和强化银企关系是缩短银企距离促进企业出口的重要渠道。进一步分析表明,缩短银企距离还对企业出口利润、出口产品质量、出口产品范围和出口持续时间产生了促进效应。
关键词 银企距离银行分支机构企业出口    
Abstract:From the perspective of financial geography, this paper empirically studies the impact of borrower-lender distance on firms' export behavior and the underlying mechanism by means of the matched Chinese banking branches data and China Industry Business Performance Data. The results show that the shortening of borrower-lender distance significantly increases the probability and scale of firms' export. Heterogeneity tests show that the positive effects of shortening the geographical distance between firms and joint-stock commercial banks are the strongest, which is followed by urban commercial banks and rural commercial banks, and state-owned commercial banks are the weakest. For private firms and the firms in central and western regions, the shortening of borrower-lender distance tends to greatly promote firms' export. Reducing information asymmetry and strengthening lending relationship are important mechanisms, by which the shortening of borrower-lender distance promotes firms' export. Further analysis finds that shortening borrower-lender distance also significantly promotes firms' export profit, export quality, export product scope and export duration.
Key wordsborrower-lender distance    banking branches    firms' export
ZTFLH:  F740  
基金资助:* 本文为国家社会科学基金重大项目“‘一带一路’相关国家贸易竞争与互补关系研究”(项目编号:16ZDA038)的阶段性成果。
1. 包群、阳佳余:《金融发展影响了中国工业制成品出口的比较优势吗》[J],《世界经济》2008年第3期,第21—33页。
2. 陈勇兵、李燕、周世民:《中国企业出口持续时间及其决定因素》[J],《经济研究》2012年第7期,第48—61页。
3. 厉以宁、吴敬琏等:《三去一降一补:深化供给侧结构性改革》[M],中信出版社,2017年。
4. 罗红希:《民国时期对外贸易政策特征分析》[J],《求索》2016年第10期,第156—160页。
5. 刘光溪:《供给侧管理与结构性改革的特殊及现实意义——关于金融结构性改革增加融资有效供给的思考》[J],《中共中央党校学报》2017年第1期,第105—113页。
6. 孙浦阳、蒋为、陈惟:《外资自由化、技术距离与中国企业出口——基于上下游产业关联视角》[J],《管理世界》2015年第11期,第53—69页。
7. 吴超鹏、唐菂:《知识产权保护执法力度、技术创新与企业绩效——来自中国上市公司的证据》[J],《经济研究》2016年第11期,第125—139页。
8. 许和连、金友森、王海成:《银企距离与出口贸易转型升级》[J],《经济研究》2020年第11期,第174—190页。
9. Alessandrini, P., Presbitero, A. F., Zazzaro, A., 2009, “Banks, Distances and Firms' Financing Constraints” [J], Review of Finance, Vol. 13, No. 2: 261-307.
10. Backman, M., Wallin, T., 2018, “Access to Banks and External Capital Acquisition: Perceived Innovation Obstacles” [J], The Annals of Regional Science, Vol. 61, No. 1: 161-187.
11. Becker, B., Chen, J., Greenberg, D., 2013, “Financial Development, Fixed Costs, and International Trade” [J], The Review of Corporate Finance Studies, Vol. 2, No. 1: 1-28.
12. Behr, P., Entzian, A., Güttler, A., 2011, “How Do Lending Relationships Affect Access to Credit and Loan Conditions in Microlending?” [J], Journal of Banking & Finance, Vol. 35, No. 8: 2169-2178.
13. Bellucci, A., Borisov, A., Giombini, G., Zazzaro, A., 2019, “Collateralization and Distance” [J], Journal of Banking & Finance, Vol. 100: 205-217.
14. Berger, A. N., Black, L. K., 2011, “Bank Size, Lending Technologies, and Small Business Finance” [J], Journal of Banking & Finance, Vol. 35, No. 3: 724-735.
15. Brandt, L., Van Biesebroeck, J., Wang, L., Zhang, Y., 2017, “WTO Accession and Performance of Chinese Manufacturing Firms” [J], American Economic Review, Vol. 107, No. 9: 2784-2820.
16. Casolaro, L., Mistrulli, P. E., 2008, “Distance, Lending Technologies and Interest Rates” [C], 21st Australasian Finance and Banking Conference.
17. Crinò, R., Ogliari, L., 2017, “Financial Imperfections, Product Quality, and International Trade” [J], Journal of International Economics, Vol. 104: 63-84.
18. Degryse, H., Ongena, S., 2005, “Distance, Lending Relationships, and Competition” [J], The Journal of Finance, Vol. 60, No. 1: 231-266.
19. DeYoung, R., Glennon, D., Nigro, P., 2008, “Borrower-Lender Distance, Credit Scoring, and Loan Performance: Evidence from Informational-Opaque Small Business Borrowers” [J], Journal of Financial Intermediation, Vol. 17, No. 1: 113-143.
20. Hasan, I., Ramirez, G. G., Zhang, G., 2019, “Lock-in Effects in Relationship Lending: Evidence from DIP Loans” [J], Journal of Money, Credit and Banking, Vol. 51, No. 4: 1021-1043.
21. Herpfer, C., Mjs, A., Schmidt, C., 2019, “The Causal Impact of Distance on Bank Lending” [D], Working Paper.
22. Hollander, S., Verriest, A., 2016, “Bridging the Gap: The Design of Bank Loan Contracts and Distance” [J], Journal of Financial Economics, Vol. 119, No. 2: 399-419.
23. Houston, J. F., James, C. M., 2001, “Do Relationships Have Limits? Banking Relationships, Financial Constraints, and Investment” [J], The Journal of Business, Vol. 74, No. 3: 347-374.
24. Krn, A., Manduchi, A., Stephan, A., 2020, “Distance Still Matters: Local Bank Closures and Credit Availability” [J], International Review of Finance,https://doi.org/10.1111/irfi.12329.
25. Khandelwal, A. K., Schott, P. K., Wei, S., 2013, “Trade Liberalization and Embedded Institutional Reform: Evidence from Chinese Exporters” [J], American Economic Review, Vol. 103, No. 6: 2169-2195.
26. Knyazeva, A., Knyazeva, D., 2012, “Does Being Your Bank's Neighbor Matter?” [J], Journal of Banking & Finance, Vol. 36, No. 4: 1194-1209.
27. Manova, K., Wei, S. J., Zhang, Z., 2015, “Firm Exports and Multinational Activity under Credit Constraints” [J], Review of Economics and Statistics, Vol. 97, No. 3: 574-588.
28. Milani, C., 2014, “Borrower-Lender Distance and Loan Default Rates: Macro Evidence from the Italian Local Markets” [J], Journal of Economics and Business, Vol. 71: 1-21.
29. Minetti, R., Zhu, S. C., 2011, “Credit Constraints and Firm Export: Microeconomic Evidence from Italy” [J], Journal of International Economics, Vol. 83, No. 2: 109-125.
30. Muls, M., 2015, “Exporters, Importers and Credit Constraints” [J], Journal of International Economics, Vol. 95, No. 2: 333-343.
31. Ono, A., Saito, Y., Sakai, K., Uesugi, I., 2015, “Does Geographical Proximity Matter in Small Business Lending? Evidence from the Switching of Main Bank Relationships” [D], Working Paper.
32. Paravisini, D., Rappoport, V., Schnabl, P., Wolfenzon, D., 2015, “Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data” [J], The Review of Economic Studies, Vol. 82, No. 1: 333-359.
33. Petersen, M. A., Rajan, R. G., 2002, “Does Distance Still Matter? The Information Revolution in Small Business Lending” [J], The Journal of Finance, Vol. 57, No. 6: 2533-2570.
34. Pollard, J. S., 2003, “Small Firm Finance and Economic Geography” [J], Journal of Economic Geography, Vol. 3, No. 4: 429-452.
35. Presbitero, A. F., Rabellotti, R., 2014, “Geographical Distance and Moral Hazard in Microcredit: Evidence from Colombia” [J], Journal of International Development, Vol. 26, No. 1: 91-108.
36. Ryan, R. M., O'Toole, C. M., McCann, F., 2014, “Does Bank Market Power Affect SME Financing Constraints?” [J], Journal of Banking & Finance, Vol. 49: 495-505.
37. Yu, M., 2015, “Processing Trade, Tariff Reductions and Firm Productivity: Evidence from Chinese Firms” [J], The Economic Journal, Vol. 125, No. 585: 943-988.
[1] 杨继军, 刘依凡, 陈旭, 赵跃叶. 城市群空间功能分工、规模功能借用与企业出口增加值[J]. 经济科学, 2021, 43(5): 68-83.
[2] 彭馨. 税收竞争、地区生产率增长与异质性企业出口*[J]. 经济科学, 2019, 41(4): 18-30.
Viewed
Full text


Abstract

Cited

  Discussed   
首页 · 关于 · 关于OA · 法律公告 · 收录须知 · 联系我们

© 2015-2017 北京大学图书馆 .