Research On The Influence Of Bank Financial Products On The Reallocation Of Commercial Credit

Our country has the advantage of financing enterprises through the bank and other regular financial institutions to make capital integration,and then through commercial credit to achieve the secondary distribution of funds,that is,commercial credit redistribution.On the one hand,this shows that there is a reallocation of financial resources in China.On the other hand,it also shows that informal financing channels are complementary to formal financing channels in China,which relieves the problem of financing difficulties for Chinese enterprises.Under the difficult situation of enterprise financing,bank financial products are developing rapidly.Bank financial products also supplement bank credit resources while impacting bank credit resources.Therefore,under the background of rapid development of bank financial products,Does the reallocation of commercial credit still exist?What effect does bank financial products have on reallocation of commercial credit?This article can be found that scholars have conducted a lot of research on commercial credit redistribution in various aspects through eombing the literature at home and abroad,but few scholars discuss the impact of bank financial products on reallocation of commercial credit from the perspective of bank financial products.Based on the above problems,the paper first introduces the concepts of bank financial products and reallocation of commercial credit.Secondly,it analyzes the impact of bank financial products on reallocation of commercial credit theoretically,combining the theories of portfolio theory,asset pricing theory,financial intermediary theory,interest rate marketization and regulatory arbitrage,credit rationing theory,financing comparative advantage theory,and signal transmission theory.Finally,based on the panel data of 1696 enterprises in the A-share manufacturing industry,the paper discusses the impact of bank financial products on reallocation of commercial credit by using the empirical methods of descriptive statistics,co-integration test and panel threshold model.The results of this paper show that when bank financial products are taken as the threshold variables,the existence of double thresholds of bank financial products makes the reallocation of commercial credit appear to increase first and then reduce the state,and the existence of bank financial products can strengthen the reallocation of commercial credit effect;Considering the heterogeneity between state-owned enterprises and non-state-owned enterprises in China,state-owned enterprises often have stronger willingness to redistribute commercial credit than non-state-owned enterprises;From the perspective of monetary policy,easy monetary policy is conducive to the reallocation of commercial credit.Based on the results of empirical research,this paper puts forward some suggestions which are guiding the development of banking financial products,improving the information disclosure system,and strengthening the supervision of banks.These suggestions have some reference significance for solving the difficulty of financing of manufacturing enterprises and improving the efficiency of credit resources.