摘要
监管是约束银行行为、维持金融系统稳定的重要手段,而银行监管处罚是否有效,如何影响企业全要素生产率还有待进一步探讨。本文基于2009—2022年制造业上市公司数据,选取银保监会公布的38 764份银行行政处罚公告,构建监管处罚指标,实证检验银行监管处罚对企业全要素生产率的影响。研究发现:银行监管处罚可以显著提升制造业全要素生产率,且这种促进作用在非银企关联、高新技术企业和中西部地区更为显著;机制检验表明,银行监管处罚通过降低企业融资约束程度和企业金融化投资行为来提升全要素生产率;进一步分析发现,与信贷、业务相关类处罚对企业全要素生产率影响更为显著;仅对单位、个人进行处罚比同时对单位和个人进行处罚更能有效促进企业全要素生产率提升。本文丰富了银行监管有效性的研究,证实了中国银行监管处罚的有效性,为完善监管政策提供了理论依据,也为制造业企业提升全要素生产率提供了实践指导。
Bank regulatory penalties serve as a crucial instrument in constraining bank behavior and upholding the stability of the financial system.However,the impact of these penalties on corporate total factor productivity(TFP)and the mechanisms through which they operate have not been fully elucidated.This study aims to fill this gap by utilizing data from Chinese manufacturing listed companies spanning from 2009 to 2022.A comprehensive bank regulatory penalty index is constructed based on 38,764 bank penalty announcements published by the China Banking and Insurance Regulatory Commission(CBIRC).Through empirical analysis,this research examines the influence of bank regulatory penalties on the total factor productivity of manufacturing enterprises and explores the underlying mechanisms.The findings reveal that bank regulatory penalties exert a significant positive influence on the total factor productivity of the manufacturing industry.This positive effect is more pronounced among non-bank affiliated enterprises,high-tech enterprises,and enterprises located in the central and western regions of China.These results suggest that regulatory penalties can effectively address issues such as‘relationship discrimination,’insufficient external incentives for technological innovation,and weak supervision,thereby promoting the improvement of total factor productivity in these enterprises.The study also finds that regulatory penalties are particularly effective in reallocating credit resources away from less productive sectors,such as real estate and finance,towards more productive manufacturing activities,which are often characterized by longer investment horizons and higher uncertainties.Mechanism tests indicate that bank regulatory penalties enhance total factor productivity by alleviating financing constraints and curbing financial investment behavior.Specifically,regulatory penalties enable enterprises to obtain more stable and continuous funds for productive investment rather than speculative financial investment.This reallocation of resources towards more productive uses contributes to the improvement of total factor productivity.Further analysis reveals that penalties related to credit and business have a more significant impact on corporate total factor productivity.Moreover,penalties imposed solely on institutions or individuals are found to be more effective in promoting the improvement of corporate total factor productivity than those imposed on both simultaneously.This suggests that targeted regulatory actions can be more effective in achieving the desired outcomes.This study enriches the existing literature on the effectiveness of bank regulation by providing empirical evidence from the perspective of corporate total factor productivity.It confirms the effectiveness of China's bank regulatory penalties in optimizing resource allocation and supporting the sustainable development of the manufacturing industry.The research findings offer valuable insights to policymakers and regulators,highlighting the importance of strengthening regulatory enforcement to improve corporate productivity.Additionally,the study provides practical guidance for manufacturing enterprises on how to enhance their total factor productivity through better compliance with regulatory requirements and improved access to financial resources.Future research could further explore the impact of regulatory penalties on different types of enterprises and industries,as well as investigate the long-term effects of these penalties on corporate performance and economic growth.This would help in designing more effective regulatory policies and in understanding the broader implications of regulatory actions on economic development.
作者
樊文琪
陆智强
阚嘉璇
FAN Wenqi;LU Zhiqiang;KAN Jiaxuan(Business School,Ningbo University,Ningbo 315211,China)
出处
《科技管理学报》
2025年第2期15-25,共11页
Journal of Science and Technology Management
基金
国家社会科学基金一般项目(20BJY158)。
关键词
银行监管处罚
全要素生产率
制造业
bank regulatory penalties
total factor productivity
manufacturing industry
