中国企业资本错配对资本边际生产率的影响——基于经济周期和企业规模视角  

The Influence of Enterprise Capital Wrong Matching to Capital Marginal Productivity—Based on the Perspective of Economic Cycle and Enterprise Scale

作　　者：朱蔚青[1] 蔡坚[2] 

机构地区：[1]武汉职业技术学院商学院,湖北武汉430074 [2]湖北经济学院经济学系,湖北武汉430205

出　　处：《改革与战略》2015年第12期162-165,196,共5页Reformation & Strategy

摘　　要：利率市场化、预算约束和金融体制是影响我国资本配置的重要因素。文章运用凯恩斯理论对基于企业规模的资本错配对边际生产率及基于经济周期的资本错配对边际生产率的机理分析进行论述,运用2000—2013年第二产业上市企业的面板数据,研究资本错配和资本边际生产率的关系。实证结果表明,资本错配与边际生产率之间存在着正相关关系,当经济紧缩时,借贷成本高于行业平均值的企业数量明显多于经济扩张时期,反之,经济扩张时期企业资本边际生产率低于经济紧缩时的资本边际生产率。其中大企业的资本边际生产率明显低于中小企业的资本边际生产率,而大企业的资本错配指标值低于中小企业的资本错配指标值。The interest rate market, the budget constraint and the financial system are the important factors that affect the capital allocation in China. The paper discusses the mechanism of the marginal productivity of capital mismatch based on firm size and the marginal productivity of capital mismatch based on the economic cycle on the basis of the Keynesian theory. The paper uses the panel data of the second industry listed companies in 2000- 2013 to study the relationship between capital and the marginal productivity of capital mismatch. The empirical results show that there is a positive correlation between the mismatch and the marginal productivity of capital, when economic contraction the borrowing costs significantly more than the industry average in periods of economic expansion,on the contrary, in periods of economic expansion enterprise marginal productivity of capital is lower than the marginal productivity of capital during economic contraction. The marginal productivity of capital in large enterprises is significantly lower than SMEs, and large enterprises capital index mismatch mismatched index value is lower than SMEs.

关 键 词：经济周期 企业规模 资本错配 边际生产率 

分 类 号：F406.7[经济管理—产业经济]