产业政策与企业委托贷款资金配置——来自中国上市制造业企业的经验证据  

Industrial Policy and Corporate Entrusted Loan Allocation:Evidence from Listed Manufacturing Firms in China

作　　者：钱雪松[1] 郑德昌 杜立[1] QIAN Xuesong;ZHENG Dechang;DU Li(School of Economics,Huazhong University of Science and Technology,Center for Marxist Studies,Huazhong University of Science and Technology)

机构地区：[1]华中科技大学经济学院/华中科技大学马克思主义研究中心,湖北武汉430074

出　　处：《金融研究》2023年第8期19-36,共18页Journal of Financial Research

基　　金：教育部人文社会科学研究规划基金项目(23YJA790063);马克思主义研究中心“深入学习贯彻党的二十大精神”研究专项(2023MYZX002);华中科技大学自主创新研究基金项目(2023WKFZZX108)的资助。

摘　　要：基于中央“五年规划”的重点产业政策信息,本文考察了委托贷款在产业政策传导中发挥的作用。实证结果显示,与未受到产业政策支持的行业相比,受到产业政策支持的行业内上市制造业企业向同行业企业发放委托贷款的概率和规模显著提升,而且委托贷款在产业政策支持行业内部的资金配置主要依靠股权关联关系实现。进一步的研究发现,产业政策促使上市制造业企业运用委托贷款在行业内进行资金配置的作用力度在政府干预程度较高地区、产能利用率较高行业和外部融资依赖程度较高行业相对更大。此外,与其他委托贷款相比,产业政策支持行业的上市制造业企业向同行业企业发放的委托贷款规模更大、利率更低、期限更长。本文有助于厘清委托贷款在产业政策传导过程中发挥的作用。Industrial policies are widely employed by the government as a critical economic practice.However,the economic influence and operational mechanisms of industrial policies have long been topics of debate in academia.Concurrently,Chinese entrusted loans have experienced substantial growth in recent years,making it an important factor that cannot be ignored.The operational mechanisms of entrusted loans have attracted considerable attention from policymakers and scholars.Previous studies have demonstrated that industrial policies can afect the real economy through formal financial channels,such as bank credit and equity financing.However,limited studies have investigated the effect of industrial policies on the real economy through the channel of entrusted loans.This gap in the literature has led to insufficient understanding of whether and how entrusted loans play a role in the transmission process of industrial policies.On the basis of key industrial policies outlined in the central government's"Five-Year Plan,"this paper investigates the role of entrusted loans in the transmission process of industrial policies.We find that listed manufacturing firms supported by industrial policies issue more entrusted loans than their counterparts without such support.Furthermore,these entrusted loans are predominantly allocated among industries supported by industrial policies mainly through an equity correlation mechanism.The effect of industrial policies on encouraging manufacturing firms to use entrusted loans is more pronounced for firms located in areas with greater government intervention,industries with high-capacity utilization rates,and industries with low independence from external finance.Moreover,we find that contracts between manufacturing firms operating within the same supported industries tend to be less restrictive.They not only issue larger and longer-term entrusted loans but also demand lower interest rates.This paper contributes to the literature in two main aspects.First,it examines the influence of industr

关 键 词：产业政策 委托贷款 股权关联 支持效应 

分 类 号：F832.4[经济管理—金融学] F425F832.51