Abstract: This article selects the relevant data of Shanghai and Shenzhen A-share listed companies from 2007 to 2017 to examine the impact of the banking competition on the total factor productivity of enterprises. It is found that the increased competition in the banking industry does significantly improve enterprises' total factor productivity, which still remains true after a series of robustness tests and Endogenous test. Further research finds that the increased competition between banks can promote the corporate entity investment and the innovation investment, which in turn increase the company's total factor productivity. Finally, the impact of the banking competition on enterprises' total factor productivity is more pronounced in non-state-owned enterprises and regions with a higher degree of marketization.

Key words: Banking Competition, Total Factor Productivity, Capital Investment, Nature of Property Rights, Degree of Marketization

摘要： 本文选取2007~2017年沪深A股上市公司的相关数据,探究银行业竞争对企业全要素生产率的影响。研究结果发现,银行业竞争加剧确实能提升企业全要素生产率,在经过一系列的稳健性检验和内生性检验后仍然成立。同时,银行业竞争加剧可通过增加企业实体投资和创新投资进一步提升企业全要素生产率。银行业竞争对企业全要素生产率的影响在市场化程度较高的地区及非国有企业中更为显著。

关键词: 银行业竞争, 全要素生产率, 资本投资, 产权性质, 市场化程度