地方金融监管改革与实体企业回归本源——基于地方金融“办升局”的准自然实验

Local Financial Supervision Reform and the Return of Entity Enterprises to Their Basics: Based on the Quasi-natural Experiment of Local Financial “Office-Promoted-to-Bureau”

《财经研究》2024年50卷第1期 页码：19-33 online：2024年1月3日

作者

中：王蕾 , 陈靖 , 何婧

英：Wang Lei, Chen Jing, He Jing

作者单位：中国农业大学 经济管理学院，北京 100083

摘要及关键词

摘要：中央金融强监管政策效果受到高度关注，但补齐地方金融监管短板的重要性却鲜有提及。文章基于2018年省级地方金融办集中升格为地方金融监管局这一准自然实验，研究了地方金融监管改革能否促使实体企业“脱虚向实”而回归本源。研究发现，地方金融“办升局”所引起的金融监管强化会显著促进实体企业“脱虚”去金融化，且主要挤出了其出于逐利性动机而参与的金融活动，这是通过阻隔影子银行逐利渠道和民间金融投资渠道实现的。进一步地，地方金融监管改革能够显著推动实体企业“脱虚”后“向实”，促进主业投资，提升主业业绩。此外，地方金融监管改革抑制实体企业金融化的作用主要体现在制度环境较差、财政分权程度较高、城投债发行规模较大和银行业竞争度较低的地区。文章初步厘清了地方金融监管改革效应传导至金融化实体企业的机理路径及经济结果，为金融如何更好服务实体经济高质量发展提供了重要的政策启示。

关键词：地方金融监管改革；实体企业金融化；地方金融组织；影子银行；民间金融

Summary: In recent years, much profit-seeking real capital has strayed outside the central financial supervision system, prompting localities to become the hardest hit by various financial chaos. Thus, implementing the local financial supervision reform is significant in promoting the return of finance to the real economy. Using the quasi-natural experiment of local financial “office-promoted-to-bureau” in 2018, this paper investigates whether the local financial supervision reform can promote the return of entity enterprises to their basics. The empirical results show that the local financial supervision reform significantly inhibits the financialization of entity enterprises. Further analysis suggests that the local financial supervision reform squeezes out financial assets allocated by entity enterprises for “profit-seeking motives”, which is achieved by blocking the channels for shadow banking participation and informal financial investment. In addition, the local financial supervision reform promotes the return of entity enterprises to their basics by improving their investment and performance of the main business. Heterogeneity analysis shows that the inhibitory effect of the local financial supervision reform on the financialization of entity enterprises is mainly reflected in regions with a poorer institutional environment, a higher degree of fiscal decentralization, a larger issuance of municipal corporate bonds, and a lower degree of banking competition. This paper has the following marginal contributions: First, it focuses on the relationship between the local financial supervision reform and the return of entity enterprises to their basics, expanding in depth the literature on the real economy effect of the financial supervision reform. Second, it accurately assesses the policy effect of the local financial supervision reform, which is a meaningful supplement to the relevant literature on the evaluation of local financial supervision effectiveness. Third, it analyzes the mechanism through which the effect of the financial supervision reform is transmitted to entity enterprises, contributing to a deeper understanding of how to guide the rational return of finance to the real economy. In terms of policy suggestions, on the one hand, there is a need to harmonize the division of powers and responsibilities between the central and local governments, strengthen the governance of regional financial chaos, and improve local financial supervision; on the other hand, local financial supervisors should strengthen comprehensive local financial supervision, and highlight functional and behavioral supervision. In addition, in the process of strengthening local financial supervision, attention should also be paid to optimizing the institutional environment.

Key words: local financial supervision reform    financialization of entity enterprises    local financial organization    shadow banking    informal finance

其他信息

DOI：10.16538/j.cnki.jfe.20231121.101

收稿日期：2023-02-23

基金项目：国家自然科学基金面上项目（71973135，71772004）；国家社会科学基金青年项目（20CJY045）；国家自然科学基金青年项目（71903104）

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