关键词: 银行业竞争, 企业金融化, 利润率差距, 企业创新, 异质性

Abstract: Bank competition may either promote or inhibit the financialization of enterprises due to multiple mechanisms of their interactions Based on the panel data of nonfinancial Ashare listed companies from 2007 to 2019，this paper examines the relationship between them empirically The results show that：（1）Competitive banking market structure inhibits the financialization of enterprises（2）Bank competition not only eases the erosion of debt costs on corporate profits，helps to narrow the profit margin gap between the financial sector and entity enterprises，thereby inhibiting profitseeking behaviors of enterprises' financialization，but also promotes corporate innovation by guiding the allocation of credit resources，which exerts crowdingout effect on financial assets allocation in entity enterprises；in addition，bank competition also encourages banks to play the role of monitoring actively，which helps to inhibit the enterprise insiders'opportunistic behaviors of financial speculation（3）The inhibiting effect of bank competition on the financialization of enterprises is more significant in nonstateowned enterprises，small and mediumsized enterprises and enterprises located in regions with lower levels of marketization These results indicate that enhancing the level of bank competition can help to restrain the trend of financialization of enterprises and reverse the situation of the economy “shift from real to virtual”

Key words: bank competition, financialization of enterprises, profit margin gap, corporate innovation, heterogeneity