Banking structure and industrial growth: Evidence from China
Banking structure and industrial growth: Evidence from China
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DOI：
10.1016/j.jbankfin.2015.02.012
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发表时间：
2015-09
影响因子：
3.7
通讯作者：
J. Lin;Xifang Sun;Harry X. Wu
中科院分区：
文献类型：
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作者：
J. Lin;Xifang Sun;Harry X. Wu
由于银行业股权结构和规模结构的影响在现有的研究中高度交织，关于中国金融发展与经济增长之间令人困惑的关系的争论一直没有定论。本文解决这个问题，通过指定一个经验模型来解开这两个结构性影响。该分析使用的数据集包括1999年至2007年期间中国30个省份的银行业和28个制造业。为了确定银行结构影响产业增长的渠道，本文构建了两个交互变量，分别反映了现行银行结构与劳动密集度和非国有企业在各产业中所占份额的交互作用。回归结果是稳健的，并为正在进行的银行业改革提供了理由，以减少国有制并促进小型银行机构的发展。
The debate on the puzzling relationship between financial development and economic growth in China has remained inconclusive because the effects of banking ownership structure and size structure are highly intertwined in the existing studies. This paper addresses this problem by specifying an empirical model to disentangle the two structural effects. The analysis uses a data set that includes the banking sector and 28 manufacturing industries across 30 Chinese provinces over the period 1999–2007. In order to identify the channel through which banking structure affects industrial growth, two interactive variables are constructed to capture the interaction of the prevailing banking structure with labor intensity and the share of non-state-owned enterprises in each industry, respectively. The regression results are robust and make the case for the ongoing banking reforms to reduce state ownership and promote small banking institutions.