Direct Financing Development, Financial Disintermediation and the Return of Rural Commercial Banks to Their Origins

QI Hao; MA Jiujie; LI Junwei

Journal of South China normal University (Social Science Edition) > 2023 > (4): 96-109.

QI Hao, MA Jiujie, LI Junwei. Direct Financing Development, Financial Disintermediation and the Return of Rural Commercial Banks to Their Origins[J]. Journal of South China normal University (Social Science Edition), 2023, (4): 96-109.

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Direct Financing Development, Financial Disintermediation and the Return of Rural Commercial Banks to Their Origins

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Received Date: October 14, 2022
Available Online: October 13, 2023

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Abstract

With the development of China's capital market, the proportion of direct financing in aggregate financing to the real economy is increasing, which squeezes the rural commercial banks' corporate credit business. In response to the development of direct financing, will rural commercial banks return to their origins and increase the supply of credit to farmers and SMEs? Drawing on data from a sample of 1020 rural commercial banks, this paper finds that the development of direct financing significantly contributes to the return of rural commercial banks to their origins and increases their financial support to farmers and SMEs. The mechanism is that the development of direct financing intensifies financial disintermediation, prompting rural commercial banks to adjust their credit structure to serve farmers and SMEs more. Heterogeneity analysis shows that the larger the market share of rural commercial banks and the faster the progress of land titling in their regions, the greater the promotion effect of direct financing development on the return of rural commercial banks to their origins. These findings indicate that promoting the development of direct financing and optimizing the proportion of direct and indirect financing play an important role in improving the quality and effectiveness of financial services to the real economy and promoting financial inclusion.

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Direct Financing Development, Financial Disintermediation and the Return of Rural Commercial Banks to Their Origins