摘要
在金融市场发展不充分的背景下,企业为争夺贷款这一稀缺资源,关系借贷成为一种重要的替代性选择。但是关系借贷易滋生金融腐败、授信不公等问题,导致信贷错配,“融资难、融资贵”的现象持续加重。因此,关系借贷严重扰乱了市场秩序,损害了实体经济的健康发展。近年来,伴随区块链技术的爆发式增长,以金融区块链为代表的金融科技大大拓宽了企业的融资渠道。对于金融区块链催生出的新型融资模式能否有效缓解上述问题,当前研究仍停留在定性层面,且关系借贷和金融区块链数据披露有限。结合地方政府搭建金融区块链平台的制度背景,基于信贷配置视角,以2007年至2019年沪深A股上市企业作为研究样本,考察金融区块链对信贷配置效率的影响。运用新闻共现分析法构建关系借贷指标,研究关系借贷对金融区块链与信贷配置效率二者关系的调节效应。采用倾向得分匹配法、Heckman两阶段法、改变固定效应、不同关系借贷测量指标等方法缓解潜在的内生性问题。从优化银行监管和提高企业信息披露质量两个方面,利用中介效应方法检验金融区块链影响信贷配置效率的作用机制。研究结果表明,首先,地方政府搭建金融区块链缓解了辖区内企业的融资约束。其次,金融区块链搭建后,与关系借贷企业相比,非关系借贷企业面临的融资约束更低。最后,影响机制分析表明,一方面,金融区块链有助于抑制企业违规行为,提升内部控制质量,进而缓解融资约束;另一方面,金融区块链有助于提升会计信息披露质量,进而缓解融资约束。意味着金融区块链主要通过监管机制和信息机制两个渠道影响企业信贷配置。从关系借贷视角,探索基于区块链技术的融资平台是否以及如何影响信贷配置效率,研究结果拓展了金融区块链与信贷融资的交叉研究,同时为推行区块链技术提供了理论支持,为金融科技更好地助力高质量发展提供政策依据。
Given the context of inadequate financial market development,relationship lending has emerged as an crucial alternative to compete for the scarce resource of loans.Nevertheless,the potential susceptibility of relationship lending to financial corruption,partial allocation of credit,and other challenges has engendered a credit discrepancy,precipitating the exacerbation of the issues of‘financing difficulties and expensive financing’.Consequently,the disruptive impact of relationship lending on the market structure and the deleterious effect on the robust growth of the real economy cannot be overstated.In recent years,the proliferation of blockchain technology has ushered in a surge of fintech,particularly financial blockchain,which has significantly widened the scope of enterprise financing channels.Although the emergence of a novel financing model via financial blockchain may present a viable solution to the aforementioned issues,current research is still in its preliminary stages,has yet to transition beyond a qualitative analysis,and disclosure of relationship lending and financial blockchain data is limited.Under the institutional background of local government initiatives to establish financial blockchain platforms,and from the perspective of credit allocation,we select Shanghai and Shenzhen A-shares listed companies from 2007 to 2019 as the research sample to investigate the impact of financial blockchain on credit allocation efficiency.This study employs the news cooccurrence analysis to establish relationship lending metrics,and examines whether relationship lending influence the association between financial blockchain and credit allocation efficiency.Potential endogeneity issues are then mitigated by adopting propensity score matching method,using Heckman′s two-stage approach,changing fixed effects and using different measures of relationship lending.From both optimizing bank supervision and improving the quality of corporate information disclosure,the mediating effect method is further used to test the mechanism of the financial blockchain on credit allocation efficiency.The findings indicate that the construction of a financial blockchain by the local administration mitigates the financing restrictions faced by businesses within its jurisdiction.Following the implementation of the financial blockchain,non-relationship lending entities encounter lower financing constraints compared to their relational counterparts.The evaluation of the impact mechanism reveals that financial blockchain facilitates the containment of corporate infringements and enhances the standard of internal control,consequently relieving financing constraints.Additionally,financial blockchain elevates the quality of accounting information disclosure,thus assuaging financing constraints.In essence,financial blockchain primarily influences corporate credit allocation through two channels:regulatory mechanism and information mechanism.Through the lens of relationship lending,this study explores whether and how blockchain technology-based financing platforms can affect credit allocation efficiency.The findings widen the cross-sectional study on financial blockchain and credit financing,while providing theoretical support for the implementation of blockchain technology and bolstering the application of financial technology as a policy basis for the high-quality economic development.
作者
王嘉鑫
于鑫雨
刘志宇
WANG Jiaxin;YU Xinyu;LIU Zhiyu(School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《管理科学》
CSSCI
北大核心
2023年第4期105-120,共16页
Journal of Management Science
基金
国家自然科学基金(72102229)
教育部人文社会科学研究项目(20YJC630143)
中央高校基本科研业务费专项资金(2722022BY014)
关键词
金融区块链
信贷配置
关系借贷
新闻共现分析法
融资约束
financial blockchain
credit allocation
relationship lending
news co-occurrence analysis method
financing constraints
