近日，cmp8冠军论坛袁典博士与法国Université de Limoges的CélineMeslier博士、Pierre-NicolasRehault博士与AlainSauviat教授的合作论文“Benefits of local banking in local economic development: Disparities between micro firms and other SMEs”于金融学领域权威学术期刊、ABS 3星期刊、公司认定的外文1级A期刊Journalof Banking & Finance上正式发表。

Abstract

This paper provides new evidence on the benefits of local banking. Relying on a unique bank-level lending dataset covering 96 French counties from 2005 to 2013, completed by historical firm-level information on firm's main bank, our results reveal strong heterogeneities in the impact of local banking on SMEs' activity depending on firm size, both at the local market level and the bank-firm level.Bank proximity provides strong benefits only to micro firms, the smallest and most informationally opaque SMEs, through a higher presence of regional banks or of geographically focused banks, in both normal and crisis times. Further, we document an overall positive effect of long-lasting bank-firm relationship on SMEs economic activity in line with the continuation-lending hypothesis. Being loyal to either a regional or a national bank fosters micro firms value added, while this benefit only exists for larger SMEs which are loyal to a national bank. Furthermore, our results reveal a flight to quality phenomenon led by national banks in troubled times.

摘  要

本文为地方性银行的益处提供了新的证据。基于独有的覆盖法国96个省份（2005至2013年）银行层面的贷款数据，辅以企业层面关于企业主要银行的历史信息，本文结果揭示了无论在市场层面还是在银行-公司层面，地方性银行对中小微企业的经济活动有着基于企业规模的异质性影响。无论在正常时期还是危机时期，银行的邻近性（通过地方性银行更高的市场占有率或银行更高的地理集中度）为且只为中小微企业中规模最小与信息透明化程度最低的微型企业带来好处。此外，我们证明了长期银企关系对中小微企业经济活动的总体积极影响，这符合持续贷款假说。忠于地方性银行或全国性银行都可以促进微型企业增值，然而这种好处只存在于忠于全国性银行的中小企业。此外，本文结果还揭示了由全国性银行导致的危机时期贷款向优质企业转移的现象。

袁典博士的主要研究领域为银行学与发展经济学，其研究成果先后发表于Journal of Banking & Finance，International Review of Financial Analysis等国际知名金融学期刊。