Journal of Banking and Finance · Volume: 83 · OCT 2017

银行竞争会降低信贷费用么？来自欧洲的跨国证据

作者：Zuzana Fungá?ová(Bank of Finland Institute for Economies in Transition, Institute of Economic Studies)

Anastasiya Shamshur (University of East Anglia Norwich Business School, Charles University and the Academy of Sciences)

Laurent Weill (University of Strasbourg EM Strasbourg Business School)

摘要：尽管有关银行竞争对经济福利和增长影响的研究已经很广泛，但只有少数在单一国家层面关于银行竞争对信贷成本影响的研究。本文研究了跨国背景下银行竞争对信贷成本的影响。我们使用2001年-2011年的20个欧洲国家的面板数据，并且采用一系列多样的银行竞争度量指标，包括两个结构性度量指标（Herfindahl-Hirschman指标和CR5指标）以及两个非结构性度量指标（Lerner指标和H-统计量）。我们发现银行竞争提高了信贷成本，并且发现对于小型企业的正向影响更强。我们的研究结果与信息假说相一致，缺乏竞争会促使银行投资于软信息，与之相反，竞争加剧则会导致信贷成本的提高。然而，银行竞争的这种正向影响会受到制度结构、经济结构以及经济危机的影响。

关键词：银行竞争，银行集中，信贷成本

Does bank competition reduce cost of credit? Cross-country evidence from Europe

Abhishek Srivastav(Leeds University Business School), Kevin Keasey(Leeds University Business School),Sabur Mollah(Hull University Business School),Francesco Vallascas(Leeds University Business School)

ABSTRACT

Despite the extensive debate on the effects of bank competition on economic welfare and growth, only a handful of single-country studies deal with the impact of bank competition on the cost of credit. We contribute to the literature by investigating the impact of bank competition on the cost of credit in a cross-country setting. Using a panel of firms from 20 European countries covering the period 2001–2011, we consider a broad set of measures of bank competition, including two structural measures (Herfindahl–Hirschman index and CR5), and two non-structural indicators (Lerner index and H-statistic). We find that bank competition increases the cost of credit and observe that the positive influence of bank competition is stronger for smaller companies. Our findings accord with the information hypothesis, whereby a lack of competition incentivizes banks to invest in soft information and conversely increased competition raises the cost of credit. This positive impact of bank competition is however influenced by the institutional and economic framework, as well as by the crisis.

Keywords: Bank competition, Bank concentration, Cost of credit

原文链接：

http://www.sciencedirect.com/science/article/pii/S0378426617301486#tbl0001

翻译：张展