Journal of Development Economics · 2025 · Ana P. Fernandes、Jing‐Lin Duanmu
中文摘要
本文研究银行业一体化如何影响出口动态。为估计其因果联系，我们基于中国加入世界贸易组织（WTO）的承诺，利用中国银行业在不同城市分阶段向外资竞争开放的过程，并采用中国所有出口企业的交易层面数据。外资银行本币业务放松管制后，来自进口国的外资银行在当地的存在增加，提高了该城市企业向同一国家的出口进入、产品数量和初始销售额，但对出口退出或增长没有影响。对于向距离更远的国家出口、所处行业可抵押资产较少以及出口差异化产品的企业，上述效应显著更强。我们揭示了银行业一体化促进出口的具体渠道。研究结果与以下机制相一致：外资银行在筛选出口项目方面具有信息优势，在贷款决策中较少依赖抵押品，并降低企业向这些银行母国出口时面临的不确定性。
Abstract
This paper investigates how banking integration affects export dynamics. To estimate the causal link, we exploit the phased liberalization of the Chinese banking industry to foreign competition across cities, based on WTO accession commitments, and use transaction-level data for all Chinese exporters. Following deregulation of foreign banks’ local-currency business, the increased local presence of foreign banks from the importing country raises export entry, the number of products and initial sales to the same country for firms in the city but has no effect on exit or growth. The effects are significantly more pronounced for exports to more distant countries, for firms in industries with fewer collateralizable assets and those exporting differentiated goods. We uncover the particular channels through which banking integration facilitates exports. The results are consistent with foreign banks’ informational advantage in screening export projects, relying less on collateral for lending decisions, and reducing uncertainty for firms exporting to the banks’ home country.