地理距离对中国民营企业银行贷款的影响

doi:10.11821/dlxb202108002

摘要/Abstract

摘要：

地理距离是企业银行贷款过程中的客观约束,而地理距离对资本流动的影响是金融地理学的基本命题。在分析地理距离对企业银行贷款作用机理的基础上,采用中国银行业分支机构与民营上市公司贷款数据,刻画城市银企贷款的地理距离特征,探究地理距离对企业银行贷款的影响。研究发现：① 银企地理距离对企业贷款规模具有显著负向影响,地理距离越近,贷款额度越多;借贷双方地处相同城市或相同省份时地理距离对贷款规模的影响更为显著。② 中心城市、大型城市和发达城市企业银行贷款相对距离大,而非中心城市、小型城市和欠发达城市企业银行贷款相对距离小。银企地理距离对企业信贷的影响在中心城市、大型城市和发达城市更为凸显。③ 企业规模、上市年龄和国有控股历史可以缓解地理距离对银行贷款额度的约束。④ 信息化水平与地理距离在贷款可得性上具有替代关系,信息化发展有助于降低地理距离对银行贷款额度的制约,但无法消除地理距离的影响。本文认为缓解地理距离约束对于企业融资具有重要意义。

关键词: 地理距离, 金融地理, 企业信贷, 民营企业, 中国

Abstract:

Geographical proximity not only helps to reduce information costs but also improves the relationship between banks and enterprises, thus increasing the availability of bank loans. This is why geographical distance affects the finance. We here found that geographical distance between banks and enterprises seeking loans had two effects on bank loans, namely, the "information effect" and "relationship effect". Based on the analysis of the mechanism by which geographical distance affects corporate bank loans, this paper uses the data of bank branches and loans made to private listed companies to characterize the average geographical distance of corporate loans at the municipal level and explore the impact of geographical distance on corporate bank loans. We here found the folllowing: (1) The geographical distance between banks and enterprises has a significant negative impact on the amount of loans. The closer the geographical distance, the greater the amount of money lent; the distance between borrowers and lenders in the same city or the same province showed a significant impact on the amount of money lent. (2) The distance between banks and enterprises in central cities, large cities, and developed cities tended to be greater than that in non-central cities, small cities, and developing cities. The influence of bank-enterprise geographic distance on corporate credit was more prominent in central cities, large cities, and developed cities. (3) Firm size, listing age, and history of state holding can reduce the effect of geographical distance on bank loans. (4) Informatization level and geographical distance have a substitutive relationship in terms of loan availability. The development of informatization can help reduce the restriction of geographical distance on bank loans but cannot eliminate it. The present work argues that it is of great importance to ease this constraint on enterprise financing.

Key words: geographical distance, financial geography, corporate credit, private enterprise, China

宋昌耀, 李涛, 李国平. 地理距离对中国民营企业银行贷款的影响[J]. 地理学报, 2021, 76(8): 1835-1847.

SONG Changyao, LI Tao, LI Guoping. The impact of geographical distance on bank loans for China's private enterprises[J]. Acta Geographica Sinica, 2021, 76(8): 1835-1847.

图/表 6

表1

变量说明

变量类型	变量名称	符号	指标解释或公式	预期符号
被解释变量	企业贷款额	loan	上市公司实际贷款额
核心解释变量	银企距离	dist	上市公司与贷款银行之间的地理距离	-
控制变量	资产负债率	alr	上市公司流动资产负债率	+
	净资产收益率	roe	上市公司税后净利润与净资产之比	+
	市净率	pbr	上市公司每股股价与每股净资产之比	-
	银行空间集聚	bankjj	$SC_ban k i = - ln (C V longitude × C V latitude) i$ CV_longitude、CV_latitude分别代表城市银行分支机构经度和纬度的变异系数,可消除不同地区因行政区划面积差异所导致的测量尺度和量纲的影响	-
	贷款规模	fineff	城市年度金融机构贷款余额与存款余额之比	+
	交通基础设施	road	城市人均道路面积	+

表1

图1

表2

表3

表4

表5

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	(1)	(2)	(3)	(4)	(5)
	全样本	同城市	不同城市	同省份	不同省份
dist	-0.024^***	-0.047^***	-0.012	-0.032^***	-0.084
	(-3.34)	(-4.09)	(-0.41)	(-3.42)	(-0.67)
alr	0.125^***	0.086^**	0.333^***	0.081^**	0.792^***
	(3.26)	(2.04)	(3.07)	(2.08)	(3.37)
roe	0.025	0.020	0.059	0.017	0.053
	(1.48)	(1.02)	(1.28)	(0.96)	(0.69)
pbr	-0.121^***	-0.155^***	-0.115	-0.129^***	-0.488^**
	(-3.35)	(-3.87)	(-0.98)	(-3.46)	(-2.09)
bankjj	-0.047^**	-0.100^***	0.047	-0.082^***	0.028
	(-2.40)	(-2.97)	(1.25)	(-3.29)	(0.36)
fineff	0.144^***	0.178^***	0.201	0.157^***	0.390
	(2.80)	(2.80)	(1.48)	(2.76)	(1.62)
road	0.143^***	0.227^***	0.006	0.157^***	-0.083
	(4.12)	(3.99)	(0.09)	(3.60)	(-0.46)
常数项	17.641^***	18.512^***	18.480^***	18.062^***	20.517^***
	(24.60)	(23.03)	(23.33)	(24.25)	(9.45)
固定效应	控制	控制	控制	控制	控制
样本量N	10786	9154	1632	10145	641
调整后可决系数R²	0.525	0.543	0.618	0.529	0.735

	(6)	(7)	(8)	(9)	(10)	(11)
	中心城市	非中心城市	大型城市	小型城市	发达城市	欠发达城市
dist	-0.063^***	0.007	-0.053^***	0.049	-0.058^***	-0.013
	(-4.40)	(0.30)	(-4.12)	(1.48)	(-3.31)	(-0.78)
alr	0.098^*	0.052	0.043	0.188^**	0.048	0.161^**
	(1.87)	(0.71)	(0.89)	(2.10)	(0.78)	(2.43)
roe	0.006	0.049	0.001	0.056	-0.027	0.014
	(0.27)	(1.32)	(0.04)	(1.37)	(-0.81)	(0.55)
pbr	-0.117^**	-0.206^***	-0.137^***	-0.177^*	-0.213^***	-0.137^**
	(-2.41)	(-2.70)	(-3.03)	(-1.75)	(-3.30)	(-2.30)
bankjj	0.141	0.084	-0.021	0.066	-0.032	-0.062
	(1.07)	(0.84)	(-0.43)	(0.64)	(-0.37)	(-1.47)
fineff	0.285^***	-0.212	0.308^***	-0.310	0.036	0.016
	(2.98)	(-1.10)	(4.13)	(-1.38)	(0.33)	(0.16)
road	0.045	0.200^**	0.178^**	-0.164	0.286^**	0.121
	(0.36)	(2.00)	(2.37)	(-1.28)	(2.13)	(1.45)
常数项	15.895^***	16.693^***	17.384^***	15.900^***	16.548^***	17.922^***
	(8.81)	(14.18)	(16.46)	(10.55)	(13.43)	(21.10)
固定效应	控制	控制	控制	控制	控制	控制
样本量N	6176	2978	7317	1837	4559	4595
调整后可决系数R²	0.556	0.587	0.551	0.591	0.579	0.542

	(12)	(13)	(14)	(15)	(16)	(17)
	仅考虑母公司	考虑最短距离	解释变量：相对距离	解释变量：环境距离	被解释变量：利率	考虑内生性
dist	-0.077^***	-0.022^***	-0.019^***	-0.056^*	0.063^**	-0.237^*
	(-12.33)	(-2.92)	(-2.79)	(-1.79)	(2.43)	(-1.83)
alr	0.125^***	0.124^***	0.126^***	0.125^***	0.430^*	0.134^***
	(3.27)	(3.23)	(3.27)	(3.26)	(1.90)	(3.45)
roe	0.025	0.025	0.025	0.025	0.029	0.025
	(1.48)	(1.47)	(1.49)	(1.45)	(0.63)	(1.45)
pbr	-0.119^***	-0.121^***	-0.121^***	-0.120^***	-0.041	-0.126^***
	(-3.31)	(-3.35)	(-3.36)	(-3.34)	(-0.48)	(-3.39)
bankjj	-0.045^**	-0.046^**	-0.043^**	-0.048^**	-0.077	-0.064^***
	(-2.35)	(-2.37)	(-2.21)	(-2.42)	(-1.30)	(-2.75)
fineff	0.123^**	0.151^***	0.149^***	0.150^***	0.450^**	-0.039
	(2.43)	(2.95)	(2.90)	(2.90)	(2.23)	(-0.32)
road	0.118^***	0.149^***	0.149^***	0.144^***	0.024	0.100^**
	(3.47)	(4.30)	(4.32)	(4.14)	(0.33)	(2.26)
常数项	17.924^***	17.620^***	17.395^***	17.469^***	1.262	19.299^***
	(25.07)	(24.59)	(24.32)	(24.47)	(1.37)	(15.56)
固定效应	控制	控制	控制	控制	控制	控制
样本量N	10786	10786	10786	10786	222	10786
调整后可决系数R²	0.533	0.525	0.524	0.524	0.742	0.468

	(18)	(19)	(20)	(21)	(22)	(23)	(24)
dist	-0.164^***	-0.150^***	-0.056^***	-0.141^***	-0.238^***	-0.126^**	-0.181^***
	(-3.44)	(-3.35)	(-3.81)	(-9.98)	(-4.38)	(-2.37)	(-3.36)
dist×size	0.087^*	0.074^*
	(1.85)	(1.66)
dist×age			0.020^***
			(2.71)
dist×pme				0.056^***
				(5.41)
tech					0.383^***	0.262^**	0.450^***
					(4.35)	(1.98)	(3.21)
dist×tech					-0.037^***	-0.026^**	-0.042^***
					(-4.06)	(-1.98)	(-3.00)
控制变量	控制	控制	控制	控制	控制	控制	控制
固定效应	控制	控制	控制	控制	控制	控制	控制
样本量N	10786	10786	10786	9745	10711	10702	10699
调整后可决系数R²	0.533	0.533	0.525	0.520	0.527	0.526	0.526