市场化进程与企业外部融资成本间关系的演变——来自1990—2010年中国数据的实证检验  

Evolution of the Relationship between Marketization and Enterprise External Financing Costs: An Empirical Test from the Data of 1990-2010 in China

作　　者：张良贵[1] 

机构地区：[1]中国人民大学,北京100872

出　　处：《中国经济问题》2013年第3期32-44,共13页China Economic Studies

基　　金：国家自然科学基金项目资助(71103209)

摘　　要：本文通过构建DSGE模型模拟得到企业外部融资成本,基于此研究了其与市场化进程间关系的演变。结果表明:构建DSGE模型模拟得到的企业外部融资成本变化情况与经济现实相符;企业外部融资成本的变化具有典型的制度变迁特征;市场化进程与企业外部融资成本间的关系是动态变化的,且不同层次的市场化进程对企业外部融资成本的影响不同;在考虑多层次市场化进程对企业外部融资成本的共同作用影响时,整体市场化和金融业市场化的深化利于降低企业外部融资成本;在金融业市场化过程中,利率市场化在降低企业外部融资成本上有着更重要作用。This paper constructs DSGE model to simulate enterprise external financing costs, and studies the evolution of the relationship between marketization and enterprise financing costs. The results showed that：The simulated enterprise external financing costs consistent with economic reality. The change of enterprise external financing costs has typical character of insti- tutional change. The relationship between marketization and enterprise external financing costs is dynamic, and different levels of marketization make different effect on enterprise external financing costs. Considering multi-level marketization, the overall marketization and financial industry marketization reduce the enterprise cost of external financing, the financial industry in the process of marketization of interest rate marketization, reducing enterprise cost of external financing is more important.

关 键 词：企业外部融资成本 市场化进程 利率市场化 

分 类 号：F275.3[经济管理—企业管理] F224[经济管理—国民经济]