Exploring the links between bank competition, economic policy uncertainty, and corporate financialization

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-02-27 DOI:10.1016/j.frl.2025.107100

Sheng Wang , Haifeng Meng , Zhisheng Chen

引用次数: 0

Abstract

This paper examines the relationship between bank competition and corporate financialization using annual data from non-financial firms listed on the Chinese A-share market from 2012 to 2022. The results indicate that heightened bank competition significantly promotes corporate financialization, with a positive correlation observed: the greater the intensity of competition, the higher the level of corporate financialization. The study further reveals that financing constraints partially mediate this relationship, suggesting that bank competition alleviates financing constraints, leading firms to allocate more funds to financial assets. Moreover, economic policy uncertainty is found to have a dual effect: it directly propels corporate financialization while indirectly dampening the responsiveness of corporate financialization to bank competition.

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探讨银行竞争、经济政策不确定性和企业金融化之间的联系

本文利用2012年至2022年中国a股非金融类上市公司的年度数据，考察了银行竞争与企业金融化之间的关系。结果表明，银行竞争加剧显著促进了企业金融化，且呈正相关关系：竞争强度越大，企业金融化水平越高。研究进一步表明，融资约束在一定程度上调解了这一关系，表明银行竞争缓解了融资约束，导致企业将更多资金配置到金融资产中。此外，经济政策的不确定性具有双重效应：它直接推动了企业金融化，同时间接抑制了企业金融化对银行竞争的响应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance