The Influence Of Bank Deregulation And Structural Competition On The Investment Efficiency Of Enterprises

Under the banking system dominated by state-owned banks in China,whether the structural competition among different types of banking systems caused by the deregulation of bank market entry and the increase of the number of branches set up in different places can improve the investment efficiency of enterprises is a major issue related to the reform of banking financial system.This paper is based on the specific background of the relaxed market access of the Bank of China in different places and the increase of the number of branches set up by different types of banks in different places.It uses the competition between different types of banks formed by the entry of small and medium-sized banks such as joint-stock commercial banks and urban commercial banks at the level of prefecture level and the gradual expansion of the number of business outlets brought about by the relaxation of bank regulation to test the banking system This is due to the impact of increased structural competition of Bank of China on the investment efficiency of enterprises.In this paper,when studying the competition degree between different types of banks,we manually collected more than 130000 pieces of financial license related information of different types of bank branches in different cities and cities across the country from the official website of the Insurance Regulatory Commission of the Bank of China,obtained the number of branches of different types of banks in different cities and years through data processing,and then calculated the number of branches of different types of banks in different cities and years Index of the degree of structural competition of banks in different cities and years.Considering the fact that there are five major banks,joint-stock commercial banks and urban commercial banks in China,they are different in market monopoly,capital scale and policies obtained,so this paper mainly focuses on the competition brought by the heterogeneity of state-owned banks,joint-stock commercial banks and urban commercial banks to the enterprise investment efficiency Impact.This paper finds that the increasing degree of structural competition among different types of banking systems has a significant impact on the investment efficiency of enterprises,and the increasing degree of structural competition in the banking industry can improve the investment efficiency of enterprises to a certain extent.This paper further proves that the relationship between the degree of structural competition of banks and the investment efficiency of enterprises is also affected by the nature of property rights of enterprises,and finds that the improvement of the degree of structural competition of banks is more obvious than that of state-owned enterprises;It is found that the structural competition between different types of banks improves the investment efficiency of state-owned enterprises mainly by restraining the agency problem so as to reduce the over investment of enterprises Non investment efficiency,and the improvement of private enterprise investment efficiency is mainly through easing the financing constraints of enterprises and reducing the non investment efficiency caused by insufficient investment.This paper also groups private enterprises according to the size of the scale,and studies whether the structural competition of banks has the effect of "cherry picking" on the scale of enterprises.Finally,it is found that the structural competition of banks is more obvious in improving the investment efficiency of private enterprises with high growth rate of business income.The research findings of this paper provide important evidence for reexamining and deeply understanding the relationship between the banking system of developing countries and the investment efficiency of enterprises in the micro level,and also provide useful reference for the investment and financing decision-making of listed enterprises in China and the policymaking,supervision and management of relevant departments.