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E-Commerce Letters 2024
地方金融发展对企业寻租治理的影响——来自城商行设立的准自然实验分析
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Abstract:
本文以城市商业银行设立为准自然实验，就地方金融发展对中国民营企业寻租的影响进行了系统分析。基于2002~2016年中国城市商业银行成立数据与中国私营企业调查数据库的研究发现，城市商业银行设立对民营企业的寻租行为有显著的抑制作用；城商行设立可以通过改善融资约束、提升企业治理水平、改善信息透明化程度以及地方政府干预等途径影响企业寻租，并且前三者对企业寻租的积极作用超过了地方政府干预的消极作用，整体表现为城商行设立抑制了企业寻租，但这样的抑制作用会受到企业规模以及企业家是否具有政治身份等异质性因素的影响。基于多种方法的稳健性检验也验证了本文结论的稳健。文章结论有助于深入理解地方金融发展对企业营商环境优化的内在联系，同时为客观评估地方金融机构发展以及企业的寻租行为提供了经验证据。
This paper systematically analyzes the impact of local financial development on rent-seeking behavior of private enterprises in China, using the establishment of urban commercial banks as a quasi-natural experiment. Based on data from the establishment of urban commercial banks in China from 2002 to 2016 and the Chinese Private Enterprise Survey Database, the study finds that the establishment of urban commercial banks significantly inhibits rent-seeking behavior among private enterprises. The establishment of urban commercial banks can influence corporate rent-seeking through various channels such as improving financing constraints, enhancing corporate governance, increasing information transparency, and local government intervention. Among these channels, the positive effects of the first three outweigh the negative effects of local government intervention, leading to an overall inhibition of corporate rent-seeking by the establishment of urban commercial banks. However, this inhibition can be influenced by heterogeneous factors such as firm size and whether entrepreneurs hold political affiliations. Robustness tests using various methods further validate the conclusions of this paper. The findings contribute to a deeper understanding of the intrinsic relationship between local financial development and the optimization of the business environment for enterprises, while also providing empirical evidence for objectively assessing the development of local financial institutions and corporate rent-seeking behavior.
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