A Study on the Impact of Banking Industry Spatial Layout on Surplus Management of Listed Companies — Based on the Dual Mechanism of Bank Supervision and Credit Constraints
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v5i3.2272
Abstract
Based on the financial data of China's A-share listed companies and the data of commercial bank branches published by China Banking and Insurance Regulatory Commission (CBIRC) in 2010-2020, this paper examines the intrinsic connection between spatial layout of the banking industry and the surplus management of listed companies from the perspective of the geographic structure of financial supply, and draws the following conclusions: (1) shortening the distance between banks and enterprises significantly suppresses the level of surplus management of listed companies; (2) the inhibiting effect of bank-enterprise neighborhood on the surplus activities of non-state-owned enterprises and small and medium-sized enterprises is more significant; (3) bank supervision and credit constraints are two important mechanisms that affect corporate surplus management; (4) the proximity of banks and enterprises has a more significant inhibitory effect on the surplus activities of non-state-owned enterprises and small and medium-sized enterprises; (5) bank supervision and credit constraints are two important mechanisms by which the spatial layout of the banking industry affects the surplus management of enterprises. The research in this paper aims to expand the research perspective of accounting information quality and credit resource allocation, which is conducive to promoting the high-quality development of enterprises in a stable and far-reaching way, and provides empirical references for further optimizing the spatial distribution of financial resources.
Keywords
spatial layout of the banking sector, bank-business distance, surplus management
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[3]Hollander S, Verriest A. Bridging the Gap: the Design of Bank Loan Contracts and Distance[J]. Journal of Financial Economics, :2016,11:399-419.
[4]Knyazeva A, Knyazeva D, Does Being Your Bank's Neighbor Matter?[J]. Journal of Banking & Finance, 2012, (36):1194-209.
[5]ZHANG Shuo Xun,DU Xu. Bank availability and corporate finance:Mechanism and heterogeneity analysis[J]. Management Review,2019,31(05):3-17.
[6]SONG Chang-Yao,LI Tao,LI Guoping. The effect of geographic distance on bank lending to private enterprises in China[J]. Journal of Geography,2021,76(08):1835-1847.
[7]LI Bo,LI Qihang,SUN Wei. Analysis of financing cost of industrial enterprises in Beijing-Tianjin-Hebei region from the perspective of geography[J]. Journal of Geography,2019,74(06):1149-1162.
[8]Lv Tie,Wang Haicheng. Bank access deregulation and firm innovation — a quasi-natural experiment from joint-stock commercial banks setting up branches in counties[J]. Economics(Quarterly),2019,18(04):1443-1464.
[9]Cai, Q. F., Chen, Y. H., and Lin, K. K.. Credit Resource Availability and Firm Innovation:Incentive or Inhibition? — Micro evidence based on bank branch data and financial geography[J]. Economic Research,2020,55(10):124-140.
[10]LIU Peisen,WEN Tao. Banking Competition and Firms' R&D Investment Effects — A Group Test Based on Firm Heterogeneity[J]. Research on Financial Issues,2021(04):56-66.
[11]XU Helian,JIN Yousen,WANG Haicheng. Bank-enterprise distance and export trade transformation and upgrading[J]. Economic Research,2020,55(11):174-190.
[12]Sheng Bin,Wang Hao. Bank Branch Expansion and Domestic Value Added Rate of Firms' Exports-A Perspective Based on the Geographic Structure of Financial Supply[J]. China Industrial Economy,2022(02):99-117.
[13]Yan Huanmin,Wei Shanshan,Zhang Liang. Corporate Strategy and Surplus Management Path Selection — Analyzing Audit Governance Effects[J]. Management Review,2020,32(06):292-306.
[14]Liu Guangqiang,Wang Di. How Government Accounting Supervision Affects Surplus Management — A Quasi-Natural Experiment Based on Random Inspection of Accounting Information Quality in the Ministry of Finance[J]. Management World,2021,37(05):157-169+12.
[15]XU Chaohui,ZHOU Zongfang. Research on the impact of surplus management on corporate credit risk driven by financing demand[J]. Management Review,2016,28(07):12-21.
[16]CHEN Yan,LI Jiaying,LI Mengshun. Surplus Management, External Financing Demand and Corporate Underinvestment-An Empirical Analysis Based on Listed Company Data[J]. Macroeconomic Research,2016(09):106-117.
[17]MENG Qingbin,LIU Lanxi. Commercial bank competition and corporate surplus management[J]. Economic Theory and Economic Management,2021,41(05):32-47.
[18]YANG Jiwei,WANG Rong,CHEN Hong. Debt governance and surplus quality:Empirical evidence from the Chinese stock market[J]. Management Review,2012,24(09):75-82.
[19]Gupo,Zhai Shiyun. Regulatory Uncertainty and Corporate Surplus Quality-A Quasi-Natural Experiment Based on the Change of SEC[J]. Management World,2020,36(12):186-202.
[20]Agarwal S, Hauswald R. Distance and private information in lending[J]. The Review of Financial Studies, 2010, 23(7):2757-2788.
[21]Xu Kun,Gala Hengguo. Analysis of Distance Influencing Factors of Loans to Private Enterprises in China[J]. Finance and economics theory and practice,2015,36(02):9-15.
[22]Zhai Shengbao,Zou Min,Tang Wei. Financing demand, bank affiliation and real surplus management-Empirical evidence from A-share market[J]. Research on Financial Issues,2015(07):66-72.
[23]Chen Deqiu,Chen Yunsen. Policy uncertainty and surplus management of listed companies[J]. Economic Research,2018,53(06):97-111.
[24]Chen, Jun. Is Bank Supervision Based on Debt Covenants Effective? — Empirical evidence from the perspective of surplus management[J]. Journal of Central University of Finance and Economics,2010(12):84-90.
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