信贷资金配置的所有制差异——基于抵押品市场价值视角的检验  

Ownership Difference of Credit Allocation-A Test from the Perspective of Collateral Market Value

作　　者：郭健 刘金东 初虹 谷兰娟 GUO Jian;LIU Jindong;CHU Hong;GU Lanjuan(Shandong University of Finance and Economics,250014)

机构地区：[1]山东财经大学财政税务学院,250014 [2]山东财经大学经济研究中心,250014 [3]山东财经大学经济学院,250014

出　　处：《财贸经济》2023年第4期57-72,共16页Finance & Trade Economics

基　　金：山东省社会信用中心委托课题“山东省社会信用体系建设研究”(2022hx084)。

摘　　要：虽然普遍认为存在信贷资金配置的所有制差异,但关于这种差异是否出自所有制歧视的问题一直存在争议。本文另辟蹊径,从持有不动产的抵押品价值视角出发,利用Chaney等(2012)提出的估算方法测算了我国2007—2018年沪深两市A股上市公司持有不动产的市场价值,通过实证研究发现:其一,受到市场化改革的历史进程影响,国有企业持有的不动产市值普遍高于非国有企业,即使是控制地区和行业差异之后这一结果依然非常显著;其二,当考虑持有不动产市值因素以后,国有企业与非国有企业之间的信贷所有制歧视不再显著,意味着国有企业获得偏多的银行信贷资源更多的是基于抵押品优势的市场化考量;其三,无论是国有企业还是非国有企业,均不存在持有不动产的“滚雪球效应”,企业持有的不动产市值越大,继续进行不动产投资的倾向越弱,表明企业持有不动产的动机主要是出于积累抵押品的需求;其四,在抵押品效应之下,不动产持有市值提升了非国有企业的投资-投资机会敏感度,但对信贷资源已然较为充裕的国有企业并不显著。虽然国有企业凭借抵押品优势获得更多贷款是银行用脚投票的市场化结果,但其让货币政策的信贷通道与不动产深度捆绑,对整体资本配置效率产生了拖累效应。本文的研究结论对深刻理解信贷资金配置所有制差异的根源以及精准施策提供了方向性参考。There is still a big gap between state-owned enterprises(SOEs)and non-SOEs in terms of the degree of difficulty and cost of financing.But whether this is due to ownership discrimination is still controversial.Especially,the measurement of financial indicators such as the enterprise asset size does not consider the real estate market value,which is a very critical research omission.Since real estate is the best collateral,banks will examine the value of real estate held by the borrower when making credit decisions.Studies have proved that enterprises will hold real estate as collateral.SOEs not only obtain better stock of real estate in the process of reform,but also enjoy more real estate value appreciation brought about by the rise of housing pricing in China.One important reason why the market value of real estate was ignored in previous studies is that the market value is difficult to estimate.Chaney et al.(2012)provides us with an estimation method to solve this problem.This paper estimates the real market value of real estate held by non-real estate listed companies in China from 2007 to 2018,and uses it as a collateral value indicator to re-examine the problem of ownership discrimination in credit allocation.Our empirical research produces four findings.First,the market value of real estate held by SOEs is generally higher than that of non-SOEs,exceeding 285%on average.Second,when the market value of real estate is considered,the ownership discrimination in credit allocation against SOEs and non-SOEs is no longer significant,which means that SOEs can get more bank credit resources for they have higher-value collateral.Third,there is no"snowballefect"for SOEs and non-SOEs holding real estate.The larger the market value of real estate owned by an enterprise,the less it is inclined to continue to invest in real estate,which means that its holding of real estate is mainly to accumulate collateral.Fourth,the market value of real estate holdings has increased the investment-upon-opportunity sensitivity of non-SOE

关 键 词：信贷资金配置 所有制差异 抵押品效应 投资效率 

分 类 号：F832.42[经济管理—金融学]