Does geographic distance have a significant impact on enterprise financing costs?
Does geographic distance have a significant impact on enterprise financing costs?
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地理距离对企业融资成本影响显着吗？
DOI：
10.1007/s11442-019-1699-6
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发表时间：
2019-12-01
影响因子：
4.9
通讯作者：
Li, Bo
中科院分区：
文献类型：
--
作者：
Sun, Wei;Li, Qihang;Li, Bo
随着信息技术应用更加广泛以及交通基础设施不断完善，地理距离是否影响企业融资成本这一问题一直存在着持续的争论。通过挖掘京津冀地区工业企业和商业银行分支机构的大数据，本文对企业融资成本与其到商业银行分支机构的距离以及半径1 - 5公里范围内商业银行分支机构数量之间的相关性进行了定量分析，并研究了地理因素如何影响企业融资成本。结果表明：（1）总体而言，到商业银行分支机构的距离越短以及半径1 - 5公里范围内商业银行分支机构数量越多，企业融资成本越低。（2）到商业银行分支机构的距离以及半径1 - 5公里范围内商业银行分支机构数量对国有企业和非国有企业都有显著影响，对非国有企业的影响更为明显。（3）北京和天津的企业融资成本与到商业银行分支机构的距离无关，与半径1 - 5公里范围内商业银行分支机构数量呈负相关；河北省的企业融资成本与到商业银行分支机构的距离呈正相关，与半径1 - 5公里范围内商业银行分支机构数量呈负相关。（4）到商业银行分支机构的距离对从事重工业和劳动密集型产业的企业影响更为显著，而半径1 - 5公里范围内商业银行分支机构数量对不同产业的影响差异不大。
As information technology has been applied more broadly and transportation infrastructure has improved, persistent debate has existed as to the question of whether geographic distance influences enterprise financing costs (EFCs). Through mining big data regarding industrial enterprises and commercial bank branches (CBBs) in the Bei-jing-Tianjin-Hebei region, this paper conducts quantitative analysis of correlation between the EFCs and their distance to CBBs as well as the number of CBBs within a 1-5 km radius, and investigates how geographic factors affect EFCs. The results indicate the following: (1) In overall terms, the shorter the distance to CBBs and the greater the number of CBBs within a 1-5 km radius, the lower the EFCs. (2) Distance to CBBs and number of CBBs within a 1-5 km radius significantly influence state-owned and non-state-owned enterprises, with the effect on non-state-owned enterprises being more pronounced. (3) The EFCs in Beijing and Tianjin are not correlated with distance to CBBs, and negatively correlated to the number of CBBs within a 1-5 km radius; the EFCs in Hebei Province are positively correlated with distance to CBBs, and negatively correlated with the number of CBBs within a 1-5 km radius. (4) Distance to CBBs has a more significant impact on enterprises engaged in heavy industry and labor-intensive industries, while there is not much difference between different industries in terms of how the number of CBBs within a 1-5 km radius affects them.