The Influence Of Bank Competition On Investment Efficiency Of State-owned Enterprises

The relationship between micro-enterprises and macro-financial environment has always been inseparable.As the core and important carrier of China’s current financial environment,Banks have a profound impact on the investment decisions and efficiency of enterprises through various policies and approaches to adjust the allocation of financial resources.Among the micro-enterprises,state-owned enterprises occupy a very important position in the national economy.However,the performance of investment efficiency has not been very good.In the process of China’s economic transformation from high-speed growth to high-quality growth,How to improve the investment efficiency of state-owned enterprises from the perspective of financial resources allocation is the focus of this paper.This paper takes the listed state-owned enterprises in China from 2004 to 2021 as a sample,Select the investment efficiency index of state-owned enterprises as the explained variable,At the same time,the index of bank competition intensity constructed by the number of bank branches is used as the core explanatory variable reflecting the financial environment,On the basis of fully studying the influence pathways,Empirically tests the impact of bank competition environment on the investment efficiency of state-owned enterprises.The empirical results show that,under the background of intensified bank competition,Still dominated by large state-owned banks,It will eventually inhibit the investment efficiency of state-owned enterprises.Further examination of the types of banks revealed that,Different types of banks have different effects on the investment efficiency of state-owned enterprises.Among them,Due to the large state-owned commercial banks have the same property right with state-owned enterprises,The intensification of competition will restrain the investment efficiency of state-owned enterprises;And commercial banks and joint-stock commercial banks,due to their diversified property rights structure,The intensification of competition can promote the investment efficiency of state-owned enterprises.After using different sample ranges and different variable measurement methods,the conclusion is still valid.The above conclusions indicate that,In the context of comprehensively accelerating the supply-side structural reform of the financial sector,Further promote structural competition in the banking sector,and encourage financial institutions with large non-state capital,such as city commercial banks and joint-stock commercial banks,to strengthen cooperation with state-owned enterprises and achieve structural matching,is an important way to promote financial services to serve the state-owned real economy.