产业政策、信贷资本逆向流动与企业转型升级--基于信贷资本在不同生产率企业间的再配置研究  

Industrial Policy,Reverse Flow of Credit Capital and Transformation and Upgrading of Enterprises

作　　者：王红建 陈松 李艾珉 Wang Hongjian;Chen Song;Li Aimin(School of Economics&Management,Nanchang University;School of Business,Renmin University of China)

机构地区：[1]南昌大学中部经济社会发展研究中心 [2]南昌大学经济管理学院,330031 [3]中国人民大学商学院,100872

出　　处：《经济评论》2020年第2期52-67,共16页Economic Review

基　　金：国家社科基金重大项目“政府职能转变的制度红利研究”(批准号:18ZDA113);国家自然科学基金项目“政府官员变更与会计政策选择:理论分析与经验证据”(批准号:71602069);国家自然科学基金项目“贷款利率市场化、企业间信贷资源配置与企业竞争力提升”(批准号:71962020)的阶段性成果。

摘　　要：产业政策能否抑制信贷资本的"逆向流动"将直接决定实体经济发展质量。本文研究发现:产业政策能够显著扭转竞争性国有企业和民营企业信贷资本的"逆向流动"现象,表现为不仅显著促使信贷资本由低生产率企业不断流向高生产率企业,而且显著降低高生产率企业的信贷成本。产业政策的资源配置效应能够显著促进企业转型升级,表现为高生产率企业不断由外延式扩张向内涵式发展转变,即企业规模增长转换为利润增长的能力得到增强,且补贴资源或信贷资源在行业分布差异性越大(越小),产业政策对民营企业(国有企业)转型升级的促进作用更强。本文在拓展产业政策理论的同时也为如何利用产业政策支持实体经济转型升级提供理论依据。Whether industrial policy can intensify or suppress the reverse flow of credit capital directly determines the development quality of the real economy.The empirical research shows that:Industrial policy can significantly moderate the reverse flow of credit capital of competitive state-owned and private enterprises.It not only significantly promotes the credit capital to flow from low-productivity enterprises to high-productivity enterprises,but also significantly reduces the credit cost of high-productivity enterprises.The resource allocation effect of industrial policy can significantly promote the transformation and upgrading of enterprises,which shows the development mode of high-productivity enterprises is changing from epitaxial expansion to connotative development.That is,the enterprises enhance their ability to transform scale into profit.The greater(the smaller)the difference of the distribution of subsidy or credit resources among the industries is,the stronger the effect of industrial policy on the transformation and upgrading of private enterprises(state-owned enterprises).This paper enriches the theories of industrial policy and provides theoretical basis for using industrial policy to support the transformation and upgrading of the real economy.

关 键 词：产业政策 逆向流动 卢卡斯之谜 企业转型升级 

分 类 号：F120[经济管理—世界经济] F832.4F832.51