融资约束、劳动收入份额下降与中国低消费  

Financing Constraints,the Decline of Labor's Share and China's Low Consumption

作　　者：汪伟[1] 郭新强[2] 艾春荣[3,4] 

机构地区：[1]上海财经大学财经研究所 [2]浙商银行发展研究部 [3]美国佛罗里达大学 [4]上海财经大学

出　　处：《经济研究》2013年第11期100-113,共14页Economic Research Journal

基　　金：国家社科基金重点项目(13AJL004);教育部新世纪优秀人才支持计划(NCET-13);上海社科规划"党的十八大精神"系列课题(2012XAL018);上海市科技发展基金软科学研究项目(13692103000);上海市曙光计划(12SG33);上海市教委科研创新重点项目(12ZS074);上海市重点学科建设;上海财经大学"211工程"四期重点学科建设;上海金融信息技术研究重点实验室;上海财经大学小企业融资研究中心等项目的资助

摘　　要：基于中小(民营)企业面临信贷融资约束、国民收入中劳动收入份额与消费率同步下降的中国经济特征事实,本文从企业的异质性及其面临的金融环境差异出发,构建了一个包含国有和中小(民营)两类企业,而后者受到借贷约束与投资扭曲的动态一般均衡模型,在校验模型现实解释能力的基础上对上述特征事实进行传导机制分析与实证研究。本文理论与实证揭示了如下现实:上世纪90年代中期以来,中国金融环境的变化导致中小(民营)企业面临的信贷约束收紧。为了应对融资困境,大量中小(民营)企业被迫通过利润留成方式进行内源融资,从而减少了对居民部门的利润分配,降低了家庭劳动收入的份额。与之相对,国有银行主导的体制内金融支持不仅抑制了金融市场的发展,而且通过政府信贷指导等方式约束了中小(民营)企业的信贷融资能力。面对家庭收入份额的减少,理性消费者选择抑制消费,从而解释了居民消费占国民收入比重持续下降这一现象。Based on the macro facts that the co-movements of the tightened borrowing constraints on medium-small private firms, the declining trend of labor＇s share and consumption rate in national income, this paper sets up and calibrates a dynamic general equilibrium model consisting of state-owned firms and medium-small private firms, which face borrowing constraints and investment distortion to explore the above phenomenon. This paper sheds light on the following macro story： since the mid--1990s, the change of China＇s financial environment tightened borrowing constraints on firms. To alleviate the persistent and rising difficulty to obtain financing, the medium-small private firms have sought to self insure through retaining profits as internal savings, hence decrease the profits distribution to households and lower the labor＇s share. The dominance of state-owned bank structure of financial ownership not only has restrained the development of financial market, but also forms the financing constraints on private firms through the government guidance to bank lending. In the face of a declining household income share, rational consumers choose consumption in a manner that is consistent with a falling share of consumption in GDP, as evident in the data.

关 键 词：融资约束 劳动收入份额 居民消费 体制内金融支持 

分 类 号：F279.2[经济管理—企业管理] F832[经济管理—国民经济] F126.1