Can Banking Structural Optimization Stimulate the Vitality of Entity Enterprises: From the Perspective of the Match between Banking Structure and Factor Endowment Structure

WANG Guo-song; LI Xin-yu

Volume 39 Issue 1

Jan. 2024

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WANG Guo-song, LI Xin-yu. Can Banking Structural Optimization Stimulate the Vitality of Entity Enterprises: From the Perspective of the Match between Banking Structure and Factor Endowment Structure[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(1): 36-53.

Citation:

WANG Guo-song, LI Xin-yu. Can Banking Structural Optimization Stimulate the Vitality of Entity Enterprises: From the Perspective of the Match between Banking Structure and Factor Endowment Structure[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(1): 36-53.

Citation:

WANG Guo-song, LI Xin-yu. Can Banking Structural Optimization Stimulate the Vitality of Entity Enterprises: From the Perspective of the Match between Banking Structure and Factor Endowment Structure[J]. Journal of Guangdong University of Finance & Economics, 2024, 39(1): 36-53.

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Can Banking Structural Optimization Stimulate the Vitality of Entity Enterprises: From the Perspective of the Match between Banking Structure and Factor Endowment Structure

School of Economics, Shanghai University, Shanghai 200444, China

Received Date: 2023-10-24
Available Online: 2024-01-30
Publish Date: 2024-01-28

Abstract

Abstract

Taking the data of manufacturing listed companies in the Shanghai and Shenzhen A-share markets from 2007 to 2021 and the macroeconomic data of prefecture-level cities from 2011 to 2021 as research samples, this paper, based on the perspective of the match between banking structure and factor endowment structure, systematically identifies the impact and mechanism of banking structural optimization on the vitality of entity enterprises. The results indicate that the higher the degree of match between banking structure and factor endowment structure, the more it can promote the vitality of entity enterprises significantly, which is characterized by an inverted U-shape, namely, first strengthening and then weakening with the increase of enterprise vitality. The mechanism analysis of channel functions shows that the banking structure which matches the factor endowment structure spurs the vitality of entity enterprises by improving the information environment between banks and enterprises, optimizing the credit allocation and reducing corporate financial and default risks. Further research shows that this positive moderating effect is more obvious in non-state-owned enterprises, high-tech enterprises, enterprises in areas with insufficient development of financial technology and periods of high economic policy uncertainty. In addition, the banking structure which matches the factor endowment structure can spur the vitality of entity enterprises, strengthen supply chain resilience, improve total factor productivity of enterprises and upgrade regional industries. The research conclusion provides a path reference for deepening the supply-side structural reform in finance and promoting the high-quality development of real economy.
- banking structure,
- factor endowment structure,
- vitality of entity enterprises,
- information environment,
- credit allocation

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References(47)

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