章元, 甘徐沁. 银行竞争与创业选址：新经济地理学视角[J]. 世界经济, 2024, 47(8): 168-198

Zhang Yuan, Gan Xuqin. Banking Competition and Entrepreneurial Location Choice: A Perspective from the New Economic Geography[J]. The Journal of World Economy, 2024, 47(8): 168-198

作者及单位：

章元，复旦大学中国社会主义市场经济研究中心；复旦-平安宏观经济研究中心

甘徐沁，复旦大学经济学院

内容简介

摘要：研究金融机构分布如何塑造经济空间分布对新经济地理学和制定区域发展政策具有重要的理论和现实意义。本文通过构建一个包含银行部门的新经济地理学模型,证明了银行竞争提升会降低贷款利率,进而吸引更多企业进入;且该吸引力随地区间贸易成本下降而加强。基于中国银行网点和工商注册企业创业选址数据的经验研究发现,银行竞争加强确实会显著促进创业企业进入,使用城市商业银行改革和中小银行异地扩张冲击作为工具变量的回归结果依然稳健;理论模型刻画的影响渠道在经验研究中也得到支持。本研究有助于理解金融地理结构与创业选址和空间经济分布间的关联。

关键词：银行竞争  创业选址  贷款成本  新经济地理学

Abstract

Investigating how financial system regional distribution shapes the spatial economic distribution is of paramount theoretical and practical importance for the New Economic Geography literature and the formulation of regional development policies. By adding a banking sector to the new economic geography model, this paper demonstrates that increased banking competition lowers the loan cost, attracting more firms to enter. This attraction is further strengthened when interregional trade costs are reduced. An empirical study based on data on Chinese banking outlets and the entrepreneurial location choice of registered firms reveals that banking competition significantly promotes entrepreneurial firm entry. The regression results using urban commercial banking reform and small and medium-sized banks’ off-site expansion shocks as instrumental variables remain robust. The channels of influence inscribed in the theoretical model are also supported by the empirical study. The paper contributes to understanding of the relationship between financial geographical structure, entrepreneurial location choice and spatial economic distribution.

Key words

banking competition,  entrepreneurial location choice,  loan cost,  New Economic Geography

文章来源 | 世界经济