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利用53个国家多年期企业调研数据,本文考察了银行业竞争对企业融资的影响。我们发现,(以勒纳指数或波恩指数较高取值测算出的)较低竞争水平妨碍了企业融资。此外,竞争对融资的影响取决于信用信息共享机制的质量和覆盖范围,更加充分的信用信息减轻了低竞争水平的破坏性影响。总体而言,我们的论文给出国际性的一致证据,支持了认为市场势力减少了资金获取的市场势力假说,而拒绝了信息假说——该假说认为低竞争水平改善了企业融资,因为银行能够将构建银企关系方面的投资内部化。
Using data from 53 multi-year corporate surveys, this paper examines the impact of banking competition on corporate finance. We find that a lower level of competition (measured by the Lerner Index or the higher value of the Bonn Index) hinders corporate finance. In addition, the impact of competition on financing depends on the quality and coverage of credit information sharing mechanisms, and more adequate credit information mitigates the devastating effects of low competition levels. Overall, our paper gives internationally consistent evidence supporting the hypothesis of market power that perceives market power as reducing access to finance, rejecting the message hypothesis that low competition levels improve corporate finance because banks can The internalization of investment in building the relationship between banks and enterprises will be built.