文献类型：期刊文献

中文题名：信贷冲击、融资约束与企业风险:基于金融摩擦理论的分析

英文题名：Credit Shock,Financing Constraint and Corporate Risk:Analysis Based on Financial Friction Theory

作者：荆中博[1];齐立瑶[2];刘志东[1]

第一作者：荆中博

机构：[1]中央财经大学管理科学与工程学院;[2]北京联合大学学报编辑部

第一机构：中央财经大学管理科学与工程学院

年份：2025

期号：3

起止页码：207-232

中文期刊名：世界经济

外文期刊名：The Journal of World Economy

收录：;北大核心:【北大核心2023】；

基金：国家自然科学基金面上项目(72271253);中央高校基本科研业务费专项资金的资助。

语种：中文

中文关键词：银行风险;融资约束;融资动机;抵押品

外文关键词：banking risk;financing constraints;financing motivation;collateral

摘要：在银行风险通过信贷收缩影响企业的过程中,企业融资约束发挥着重要作用。本文基于金融摩擦理论的分析认为,融资约束的形成取决于主观融资动机和客观融资条件。前者包括道德风险、投资驱动和税盾效应,后者受限于企业抵押品条件。本文基于中国上市公司数据研究银行部门风险上升通过收缩信贷、提高利率对不同融资约束类型企业的影响。分析结果表明,在银行部门风险上升的冲击下,信贷规模下降会提高税盾效应型企业的风险,但是会降低道德风险型企业的风险;信贷利率上升在提高道德风险型企业脆弱性方面更加显著。客观融资条件能够缓解银行部门风险上升对企业的冲击作用,且对不同的信贷收缩方式和主观融资动机均具有调节作用。本文的研究深化了关于金融风险溢出的理论研究,有利于政府部门更全面地理解银行部门风险上升的经济后果和微观机制。
The 2023 Central Financial Work Conference emphasized that risk prevention and control must remain the cornerstone of financial work.Historical financial crises have demonstrated that their spillover into the corporate sector can lead to economic crises and hinder economic development.While the existing literature has extensively explored the impact of banking institutions’credit fluctuations on the corporate sector,it has overlooked the role of firms’financing constraints,as well as the underlying mechanisms.Corporate financing constraints reflect the degree and motivation of corporate demand for funds,and play a significant role in the process through which banking risks spill over and affect the corporate sector.Drawing on the financial friction theory,this paper proposes that financing constraints arise from firms’subjective financing motivations and objective financing conditions.Financing motivations encompass moral hazard,investment-driven factors and the tax shield effect.For firms with moral hazard,the primary motivation is to maximize shareholder equity rather than focusing on expanding investment or generating profits.Investment-driven firms,on the other hand,are motivated by growth opportunities,with the goal of expanding their investment scale and enhancing firm value.Meanwhile,firms influenced by the tax shield effect seek to capitalize on the tax advantages associated with debt financing.Consequently,when exposed to banking risk shocks,the credit crunch affects these three types of firms in distinct ways.Objective financing conditions are also determined by firms’mortgageable or fixed assets,which play a critical role in shaping their access to funding.According to financial friction theory,subjective financing motivations reflect firms’financing objectives and can more effectively highlight adverse selection issues that arise from their financing decisions.Objective financing conditions demonstrate how banking institutions mitigate moral hazard problems in issuing loans through asset collateralization under financial friction conditions.As a result,the characterization of the features of financing constraints based on financing motivations and conditions can deepen the understanding of the varying impacts of the credit contraction on different types of firms in the context of increasing banking risk.This approach can also provide innovative insights for research in the field of financial risk spillovers.The paper begins with the construction of a firm asset portfolio model to theoretically explore the risk spillover effects and the different impacts of the credit contraction on firms with different financing motivations in response to the banking sector risk shock.The results derived from the model show that the increase in credit interest rates and the decrease in the credit scale vary significantly based on the different financing motivations of firms.Indeed,for firms with more solid financing motivations,a decline in the credit scale can actually reduce their risk.The paper then provides an economic interpretation of the above conclusions,further deepening the understanding of the mechanism underlying the risk spillover effects in the banking sector.Building on the theoretical framework,the paper proceeds to empirically analyse the impact mechanism of increasing banking risk on firms with different financing constraint types through credit contraction and interest rate hikes,using data from China’s listed banks and firms.Empirical results show that,in response to the shock of increasing banking risk,a credit crunch increases the risk of tax-shield firms but decreases the risk of moral-hazard firms.Rising credit interest rates have a more pronounced effect on enhancing the vulnerability of firms with moral hazard.Objective financing conditions can mitigate the shock of rising banking risks on firms and exert a moderating effect on different credit crunch methods and subjective financing motivations.In conclusion,this study advances the theory of financial risk spillovers,enabling the policymakers to have better understanding of the banking risk and credit contraction.