Competition Of Commercial Banks And Term Structure Of Corporate Debt

The characteristics of Chinese financial market determine that banks are still the main way of credit financing for enterprises.In recent years,with the deepening reform of the banking industry,the influence of its development trend and the change of market structure on micro-enterprises has attracted a lot of attention.At present,the influence of banking competition on corporate financing behavior and results mostly focuses on the alleviation of financing constraints,and pays less attention to other aspects of corporate debt financing.The conclusion has not been reached and the influence mechanism is rarely discussed.In order to further study the effect and mechanism of the degree of competition on the maturity structure of corporate debt in the banking industry,especially in commercial banks,this thesis discusses this issue by combining theory and demonstration.In this thesis,by manually collecting the financial license information of banking institutions published by China Banking Regulatory Commission,the competition degree of commercial banks in each province and city during 2005-2020 is calculated and matched with the registration place of enterprises one by one.Other financial data are obtained from the database of Guotai ’an.Based on the theory of information asymmetry and the theory of industrial organization,the internal logic between the two variables is sorted out and the research hypothesis is put forward,and the relationship between the competition of commercial banks and the maturity structure of corporate debt and the mechanism of action are analyzed empirically.After the overall test of the total samples,this thesis also conducted group tests from the perspective of micro enterprises and macro markets according to different internal control quality,different regions and different degrees of marketization,to deeply analyze whether the influence of competition degree of commercial banks on the maturity structure of corporate debt shows heterogeneity.The regression results show that there is a significant negative correlation between the competition degree of commercial banks and the maturity structure of corporate debt,that is to say,the fiercer the competition degree of commercial banks,the higher the proportion of short-term debt of local enterprises.This result also reflects the risk aversion consciousness of commercial banks in the fierce competition environment.This result works by influencing the level of financing constraints of local firms and their earnings management.In addition,the grouping test results show that the lowering effect of commercial bank competition on the maturity structure of corporate debt is heterogeneous in different macro and micro environments,and this effect is more significant in state-owned enterprises,enterprises with lower internal control quality,eastern regions and regions with higher degree of marketization.Finally,based on the results of the above empirical research,a series of optimization suggestions are put forward from the perspective of the government,banks and enterprises to better adjust the market structure of the banking sector and meet the financing needs of enterprises in the credit market,so as to improve the comprehensive development of our capital market.