银行信贷错配对经济增长的阻碍——基于动态空间面板模型
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摘要
从地理特征和经济特征两个方面设置空间性权重矩阵,构建动态空间面板模型,考察2007—2015年中国内地31个省份银行信贷配置的空间经济效应。研究表明:中国不同地区间存在信贷错配现象,并有明显的空间相关特征。估计结果显示,地区信贷错配对本地和邻近地区的经济增长均产生不利影响。央级政府在制定信贷政策时,既要考虑地区信贷的异质性,又要考虑地区间信贷流动的平衡;应结合不同地区经济增长的水平和潜能,设定与其相匹配的信贷资金分配机制;对信贷短缺地区增加资金投放量的商业银行,政府在准备金率和资本充足率的要求上应有所降低。
Based on different weight matrices from two perspectives of the geographic feature and economic feature,this paper constructed a dynamic spatial Durbin model to analysis the spatial effect of bank credit allocation by using the panel data of 31 provinces in China from 2007 to 2015. The result shows that: there is a phenomenon of bank credit misallocation between Chinese regions which has the obvious spatial correlation. Model estimation results indicated that regional credit misallocation has dual negative influences on the local and regional economic growth. When formulated the credit policy,central government should consider both the regional credit characteristic heterogeneity and the coordination between regions,set matching credit fund allocation mechanism according to the different regional economic growth level and potential,and reduce the reserve requirement ratio and capital adequacy ratio for those commercial banks which invest more money to the credit shortage region.
Based on different weight matrices from two perspectives of the geographic feature and economic feature,this paper constructed a dynamic spatial Durbin model to analysis the spatial effect of bank credit allocation by using the panel data of 31 provinces in China from 2007 to 2015. The result shows that: there is a phenomenon of bank credit misallocation between Chinese regions which has the obvious spatial correlation. Model estimation results indicated that regional credit misallocation has dual negative influences on the local and regional economic growth. When formulated the credit policy,central government should consider both the regional credit characteristic heterogeneity and the coordination between regions,set matching credit fund allocation mechanism according to the different regional economic growth level and potential,and reduce the reserve requirement ratio and capital adequacy ratio for those commercial banks which invest more money to the credit shortage region.
引文
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[17]BECK N,GLEDITSCH K S,BEARDSLEY K.Space is More than Geography:Using Spatial Econometrics in the Study of Political Economy[J].International Studies Quarterly,2006,50(1):27-44.
[18]李婧,谭清美,白俊红.中国区域创新生产的空间计量分析——基于静态与动态空间面板模型的实证研究[J].管理世界,2010(7):43-55.
[2]WANG H J,WHITE M J.An Optimal Personal Bankruptcy Procedure and Proposed Reforms[J].Journal of Legal Studies,2000,29(1):255-286.
[3]易行健,张德常.激励扭曲与努力的无效分配——基于银行客户经理制模拟利润考核的有效性分析[J].财经研究,2007(3):38-46.
[4]DEYOUNG R,GLENNON D,NIGRO P.Borrower-Lender Distance,Credit Scoring,and Loan Performance:Evidence from Informational-Opaque Small Business Borrowers[J].Journal of Financial Intermediation,2008,17(1):113-143.
[5]饶品贵,姜国华.货币政策、信贷资源配置与企业业绩[J].管理世界,2013(3):12-22.
[6]何建明,田银华,张德常.我国信贷配给区域间差异及市场分化模型[J].经济地理,2007,27(1):52-55.
[7]GOLDSMITH R W.Financial Structure and Development[J].Studies in Comparative Economics,1969,70(4):31-45.
[8]FRY M J.Money and Capital or Financial Deepening in Economic Developments?[J].Journal of Money,Credit and Banking,1978,10(4):464-475.
[9]RIOJA F,VALEV N.Does One Size Fit All:A Reexamination of the Finance Growth Relationship[J].Journal of Development Economics,2004,74(2):429-447.
[10]沈玉芳,张婧,王能洲,等.长三角城市群金融业演进的空间结构特征[J].地域研究与开发,2011,30(2):86-90.
[11]曹凤岐,杨乐.银行信贷调配与区域经济增长[J].金融研究,2014(6):50-66.
[12]彭宝玉,谢桂珍,魏雪燕,等.中国区域经济、金融发展差异分析[J].地域研究与开发,2016,35(4):1-5.
[13]PAELINCK J,KLAASSEN L.Spatial Econometrics[M].Farnborough:Saxon House,1979.
[14]ANSELIN L.Spatial Externalities,Spatial Multipliers,and Spatial Econometrics[J].International Regional Science Review,2003,26(2):153-166.
[15]ELHORST J P,FRERET S.Evidence of Political Yardstick Competition in France Using A Two-regime Spatial Durbin Model with Fixed Effects[J].Journal of Regional Science,2009,49(5):931-951.
[16]林光平,龙志和,吴梅.我国地区经济收敛的空间计量实证分析:1978—2002年[J].经济学(季刊),2005,4(S1):67-82.
[17]BECK N,GLEDITSCH K S,BEARDSLEY K.Space is More than Geography:Using Spatial Econometrics in the Study of Political Economy[J].International Studies Quarterly,2006,50(1):27-44.
[18]李婧,谭清美,白俊红.中国区域创新生产的空间计量分析——基于静态与动态空间面板模型的实证研究[J].管理世界,2010(7):43-55.