银行集中对企业融资影响的理论研究及其启示

文章揭示了银行集中与信贷供给数量以及贷款成本之间到底存在什么样的关系一直是理论界争论的重点问题之一,并进而对结构-绩效假说、信息基础假说进行了探讨。西方学者对银行集中会对企业贷款可能产生的影响的研究具有明显的政策含义,对于发展中国家而言尤其明显。

Analyzing the Effects of Bank Concentration on Access to External Finance

Theory makes conflicting predictions about the relation between bank market structure and the access to and cost of credit. While general economic theory points to inefficiencies of market power, resulting in less loans supplied at a higher interest rate, information asymmetries and agency problems might result in a positive or nonlinear relation between the market power of intermediaries and the amount of loans supplied to opaque borrowers, in a dynamic setting. This paper assessed the importance of the competitiveness of the banking system for financing obstacles firms face and the likelihood of receiving bank finance. Our findings send important messages for policy makers, especially in developing countries.