本文關(guān)鍵詞：金融契約執(zhí)行效率、企業(yè)進(jìn)入與產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)　出處：《經(jīng)濟(jì)研究》2017年03期 　論文類型：期刊論文

  更多相關(guān)文章： 金融契約執(zhí)行效率 企業(yè)進(jìn)入 市場(chǎng)競(jìng)爭(zhēng)

【摘要】："供給側(cè)"改革的核心之一是引導(dǎo)企業(yè)有序進(jìn)入新行業(yè),金融契約執(zhí)行效率的高低會(huì)影響企業(yè)外部融資成本和進(jìn)入決策,進(jìn)而決定市場(chǎng)競(jìng)爭(zhēng)程度。本文將不完全契約機(jī)制和古諾競(jìng)爭(zhēng)引入動(dòng)態(tài)一般均衡框架,從理論上闡釋了金融契約執(zhí)行效率對(duì)企業(yè)進(jìn)入和市場(chǎng)競(jìng)爭(zhēng)的影響機(jī)制。此外,本文使用1998—2007年中國(guó)制造業(yè)企業(yè)的微觀數(shù)據(jù)對(duì)理論結(jié)果進(jìn)行了實(shí)證檢驗(yàn),回歸結(jié)果表明:金融契約執(zhí)行效率越高的地區(qū),企業(yè)進(jìn)入激勵(lì)越強(qiáng)、市場(chǎng)競(jìng)爭(zhēng)越充分;從地區(qū)角度看,中部地區(qū)對(duì)金融契約執(zhí)行效率的變動(dòng)相對(duì)敏感;從行業(yè)角度看,技術(shù)密集型行業(yè)對(duì)金融契約執(zhí)行效率的變動(dòng)相對(duì)不敏感。
[Abstract]:One of the core of the "supply-side" reform is to guide enterprises to enter new industries in an orderly manner. The efficiency of financial contract execution will affect the external financing costs and entry decisions of enterprises. In this paper, incomplete contract mechanism and Cournot competition are introduced into the dynamic general equilibrium framework. The paper theoretically explains the influence mechanism of financial contract execution efficiency on enterprise entry and market competition. This paper uses the microcosmic data of Chinese manufacturing enterprises from 1998 to 2007 to make an empirical test on the theoretical results. The regression results show that the higher the efficiency of financial contract execution, the stronger the incentive for enterprises to enter. The more sufficient the market competition is; From a regional point of view, the central region is relatively sensitive to changes in the efficiency of financial contract implementation; From the industry point of view, technology-intensive industries are relatively insensitive to changes in the efficiency of financial contract enforcement.
【作者單位】： 南開(kāi)大學(xué)經(jīng)濟(jì)學(xué)系、中國(guó)特色社會(huì)主義經(jīng)濟(jì)建設(shè)協(xié)同創(chuàng)新中心;南開(kāi)大學(xué)經(jīng)濟(jì)學(xué)系;
【基金】：國(guó)家社會(huì)科學(xué)基金重點(diǎn)項(xiàng)目(14AJL010) 南開(kāi)大學(xué)百名青年學(xué)科帶頭人(團(tuán)隊(duì))培養(yǎng)計(jì)劃 中國(guó)特色社會(huì)主義經(jīng)濟(jì)建設(shè)協(xié)同創(chuàng)新中心支持
【分類號(hào)】：F406.7;F425;F832.4
【正文快照】： 一、引言 “供給側(cè)”改革的核心之一是引導(dǎo)企業(yè)有序進(jìn)入新行業(yè)。在中國(guó)經(jīng)濟(jì)增長(zhǎng)進(jìn)入“新常態(tài)”的背景下,傳統(tǒng)的需求拉動(dòng)型政策已難以帶動(dòng)經(jīng)濟(jì)繼續(xù)高漲。因此,在適度擴(kuò)大總需求的同時(shí),實(shí)現(xiàn)“大眾創(chuàng)新、萬(wàn)眾創(chuàng)業(yè)”,引導(dǎo)社會(huì)資本進(jìn)入新行業(yè),激發(fā)行業(yè)創(chuàng)新能力和自生能力,完成“供

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