借貸約束與資源錯(cuò)配——來(lái)自中國(guó)的經(jīng)驗(yàn)證據(jù)
發(fā)布時(shí)間：2019-02-24 15:25
【摘要】：該文考察了借貸約束是否以及怎樣導(dǎo)致資源錯(cuò)配。此前研究發(fā)現(xiàn):一國(guó)經(jīng)濟(jì)越不發(fā)達(dá),其行業(yè)內(nèi)部的邊際產(chǎn)出差異就越大,從而導(dǎo)致整體經(jīng)濟(jì)的全要素生產(chǎn)率(TFP)顯著降低。不少研究都關(guān)注了金融扭曲對(duì)產(chǎn)生TFP損失的作用,但沒(méi)有獲得一致性的結(jié)論。然而,這些研究往往僅依賴于衡量金融發(fā)展水平的宏觀指標(biāo),如外部融資占國(guó)內(nèi)生產(chǎn)總值的比重、存貸利差等,利用這些模型無(wú)法解釋中國(guó)的TFP損失。該文利用中國(guó)的企業(yè)數(shù)據(jù),發(fā)現(xiàn)中國(guó)的TFP損失并非因?yàn)槿狈Τ渥愕牧畠r(jià)信貸,而是源自微觀層面上的信貸錯(cuò)配。因?yàn)橹袊?guó)的銀行系統(tǒng)未實(shí)現(xiàn)利率市場(chǎng)化,而銀行貸款的成本低于非正式渠道融資,所以更容易從銀行獲得貸款的企業(yè)總是獲益并過(guò)度投資,從而造成資本錯(cuò)配,降低了整體TFP水平。該文結(jié)果表明:此前關(guān)于借貸約束與資源錯(cuò)配的研究很可能低估了微觀金融扭曲在發(fā)展中國(guó)家的作用。
[Abstract]:This paper examines whether and how lending constraints lead to resource mismatch. Previous studies have found that the less developed a country's economy, the greater the difference in marginal output within its industry, leading to a significant decline in total factor productivity (TFP) (TFP) of the economy as a whole. Many studies have focused on the role of financial distortions in generating TFP losses, but there is no consistent conclusion. However, these studies often rely only on macro indicators to measure the level of financial development, such as the proportion of external financing to GDP, the difference between deposit and loan interest rates, and so on. These models can not explain China's TFP losses. Using Chinese enterprise data, the paper finds that the TFP loss in China is not due to a lack of sufficient cheap credit, but to a credit mismatch at the micro level. Because China's banking system has not liberalized interest rates and the cost of bank loans is lower than that of informal financing, companies that are more likely to get loans from banks always benefit and overinvest, resulting in mismatch of capital. The overall TFP level is reduced. The results suggest that previous studies on lending constraints and resource mismatches may have underestimated the role of microfinancial distortions in developing countries.
【作者單位】： 清華大學(xué)經(jīng)濟(jì)管理學(xué)院;
【分類號(hào)】：F224;F832.4
，
本文編號(hào)：2429676
[Abstract]:This paper examines whether and how lending constraints lead to resource mismatch. Previous studies have found that the less developed a country's economy, the greater the difference in marginal output within its industry, leading to a significant decline in total factor productivity (TFP) (TFP) of the economy as a whole. Many studies have focused on the role of financial distortions in generating TFP losses, but there is no consistent conclusion. However, these studies often rely only on macro indicators to measure the level of financial development, such as the proportion of external financing to GDP, the difference between deposit and loan interest rates, and so on. These models can not explain China's TFP losses. Using Chinese enterprise data, the paper finds that the TFP loss in China is not due to a lack of sufficient cheap credit, but to a credit mismatch at the micro level. Because China's banking system has not liberalized interest rates and the cost of bank loans is lower than that of informal financing, companies that are more likely to get loans from banks always benefit and overinvest, resulting in mismatch of capital. The overall TFP level is reduced. The results suggest that previous studies on lending constraints and resource mismatches may have underestimated the role of microfinancial distortions in developing countries.
【作者單位】： 清華大學(xué)經(jīng)濟(jì)管理學(xué)院;
【分類號(hào)】：F224;F832.4
，
本文編號(hào)：2429676
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