银行业竞争加剧还是抑制了企业金融化*

银行业竞争与企业金融化有多种关联机制，既可能加剧企业金融化，也可能抑制企业金融化。本文利用2007—2019年沪深两市A股非金融类上市公司的面板数据，考察了二者之间的关系。结果发现：（1）竞争性的银行业市场结构抑制了企业金融化。（2）银行业竞争不仅缓解了债务成本对企业利润的侵蚀，有助于缩小金融行业与实体企业之间的利润率差距，进而抑制企业利润追逐动机的金融化行为，而且通过引导信贷资源配置促进了企业创新，从而对实体企业金融投资产生挤出效应；此外，银行业竞争还通过促使银行积极发挥信息监督作用，抑制了企业内部人金融投机套利的机会主义行为。（3）银行业竞争对企业金融化的抑制效应在非国有企业、中小企业以及市场化水平较低地区的企业中更为显著。这些结果说明，提高银行业竞争水平有助于抑制企业金融化趋势，扭转经济“脱实向虚”的局面。

BANK COMPETITION AND FINANCIALIZATION OF ENTERPRISES： PROMOTION OR INHIBITION

Bank competition may either promote or inhibit the financialization of enterprises due to multiple mechanisms of their interactions Based on the panel data of non financial A share listed companies from 2007 to 2019，this paper examines the relationship between them empirically The results show that：（1）Competitive banking market structure inhibits the financialization of enterprises（2）Bank competition not only eases the erosion of debt costs on corporate profits，helps to narrow the profit margin gap between the financial sector and entity enterprises，thereby inhibiting profit seeking behaviors of enterprises' financialization，but also promotes corporate innovation by guiding the allocation of credit resources，which exerts crowding out effect on financial assets allocation in entity enterprises；in addition，bank competition also encourages banks to play the role of monitoring actively，which helps to inhibit the enterprise insiders'opportunistic behaviors of financial speculation（3）The inhibiting effect of bank competition on the financialization of enterprises is more significant in non state owned enterprises，small and medium sized enterprises and enterprises located in regions with lower levels of marketization These results indicate that enhancing the level of bank competition can help to restrain the trend of financialization of enterprises and reverse the situation of the economy “shift from real to virtual”