中国跨企业的资本配置扭曲:金融摩擦还是信贷配置的制度偏向  

Capital Misallocation across Firms in China: Financial Frictions or Insitution Bias of Credit Allocation

作　　者：简泽[1] 徐扬 吕大国[1] 卢任 李晓萍[2] JIAN Ze;XU Yang;LYU Da-guo;LU Ren;LI Xiao-ping(Institute of Industrial Economics,JXUFE, Nanchang 330013,China;Business School,Central South University,Changsha 410083,China)

机构地区：[1]江西财经大学产业经济研究院 [2]中南大学商学院

出　　处：《中国工业经济》2018年第11期24-41,共18页China Industrial Economics

基　　金：国家自然科学基金地区项目"利润侵蚀工资:不完全竞争的收入分配效应研究"(批准号71563013);国家自然科学基金面上项目"中国产业政策程序与组织机制研究"(批准号71673304);教育部人文社会科学规划基金项目"我国跨企业的资源错配问题研究:基于金融扭曲的视角"(批准号13YJA790036)

摘　　要：基于中国12个代表性产业企业层面的数据,本文考察了金融市场的不完全对企业间资本配置的扭曲和总量全要素生产率的影响。本文发现,与劳动力的配置相比,中国制造业部门存在严重的资本扭曲:生产率低的企业过多地使用了资本,而生产率高的企业过少地使用了资本。微观层面的资本扭曲引起了资本、劳动和产出的配置与企业间全要素生产率分布的偏离,进而造成了微观层面企业间的资源错配和产业组织的扭曲。进一步的计算试验发现,资本扭曲引起的企业间的资源错配造成了总量层面实质性的全要素生产率损失。最后,在控制劳动力市场特征的基础上,本文发现,除了金融市场的信息不对称以外,资本扭曲还内生于金融部门信贷配置的非市场化,尤其是银行信贷配置对国有企业的偏向。这些结果表明,推进金融部门进一步的市场化改革是优化制造业部门的产业组织和改善实体经济微观层面资源配置效率的关键。Utilizing a firm-level data set covering all firms above designated size of 12 industries of manufacturing,this paper examines the effects of imperfect financial markets on capital distortion across firms and the aggregate productivity.The results indicate that,relative to labor,the firms face serious capital distortions:some low-productivity firms use too much capital while other high-productivity firms use too little capital.Capital distortions at the micro level lead to the deviation between the allocation of capital,labor and output and the distribution of total factor productivity(TFP)among enterprises,resulting in firm-level resource mismatches and distortions of industrial organization.Furthermore,a computational experiment shows that the resource mismatch between firms caused by capital distortions results in substantial productivity losses at the aggregate level.Finally,controlling for the characteristics of labor market,this papar suggests that,besides the information asymmetry of financial market,capital distortions arises from credit allocation of non-market,by which SOEs have access to too much capital.These results suggest that it is the key to improve industrial organization and the efficiency of resource allocation to further promote the market-oriented reforms of the financial sector.

关 键 词：金融市场不完全 资本扭曲 资源错配 全要素生产率损失 

分 类 号：F120[经济管理—世界经济]