金融约束政策下的国有企业与经济增长——基于租金分配的所有制偏好分析  

State-owned Enterprises and Economic Growth under Financial Constraint Policy——Based on the Analysis of Ownership Preference of Rent Allocation

作　　者：陈玉婵[1] 钱利珍[1] 

机构地区：[1]厦门大学经济学院,福建厦门361005

出　　处：《上海金融》2011年第8期12-17,共6页Shanghai Finance

基　　金：国家社科重大项目<扩大国内需求的宏观经济政策研究>(批准号08&ZD034)的阶段性成果

摘　　要：金融约束政策作为我国转轨时期的重要金融制度安排,对我国经济起飞起到了非常重要的作用,但是随着我国经济的发展,该政策的弊端开始凸显。本文基于租金分配的所有制偏好特征,建立理论模型分析了金融约束政策下国有企业对经济增长的"双重拖累",并利用省际面板数据,采用系统广义矩估计方法实证分析了国有经济份额和金融发展对经济增长的影响,验证了金融约束政策下国有企业对经济增长的拖累作用。As an important financial system arrangement in China＇s transition period,financial constraint policy played an important role in the development of China＇s economy.However,the shortcomings of financial constraint policy began to show with the development of China＇s economy.Based on the characters of ownership preference of rent allocation,the article builds a theoretical model to analyze the ＂dual drag＂ on economic growth imposed by state-owned enterprises.Then,it uses province-level panel data,analyzes the impact of state-owned shares in economy and financial development on economic growth by applying system GMM,and proves that state-owned enterprises drag down economic growth under financial constraint policy.

关 键 词：金融约束 经济增长 所有制偏好 

分 类 号：F832.0[经济管理—金融学]