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中国各省企业进入和退出数量存在着显著差异,产业层面企业进入和退出的现有研究对此解释不足。现实中企业进入和退出面对融资约束,均需通过当地金融市场来获取足够的外部融资。因此地区金融市场的整体发育直接影响当地企业进入和退出的融资可能性和成本,进而影响中国各省企业进入和退出的数量。本文利用中国工业企业数据库识别出1999-2008年中国31个省的企业进入和退出数量,构建省级面板数据,并分别估计了商业银行市场、证券市场和保险市场三个细分金融市场的发育程度对当地企业进入和退出的影响。结果表明,商业银行市场发育显著促进企业进入和退出;证券市场和保险市场发育对企业进入的作用不明显,且证券市场会阻碍企业退出,保险市场显著促进企业退出。
There are significant differences in the number of entry and exit of enterprises in various provinces in China, and the existing research on the entry and exit of enterprises in the industry is not enough to explain this. In reality, enterprises enter and exit the face of financing constraints, are required to obtain adequate external financing through the local financial markets. Therefore, the overall development of the regional financial markets directly affects the possibility and cost of financing the entry and exit of local enterprises, thereby affecting the number of enterprises entering and leaving the provinces in China. In this paper, we use the database of Chinese industrial enterprises to identify the number of enterprises entering and exiting in 31 provinces in China from 1999 to 2008 and build provincial panel data, and estimate the development of the three subdivided financial markets in commercial banking market, securities market and insurance market respectively The Impact of Degree on Entry and Exit of Local Enterprises. The results show that the market development of commercial banks significantly promotes the entry and exit of enterprises. The development of the securities market and insurance market has not obvious effect on the entry of enterprises, and the stock market will hinder the exit of enterprises. The insurance market significantly promotes the exit of enterprises.