从微观角度对DNI影响因素的分析及实证检验

发布时间：2018-06-15 15:15

本文选题：固定资产投资 + 国内非金融中介融资　；参考：《清华大学》2014年硕士论文

【摘要】：我国GDP经历了30多年的飞速增长,其中,投资作为不可或缺的主要推动力,对我国经济增长功不可没。其中,固定资产投资作为我国一段时期内的经济增长的重要推动力,值得我们深入研究其具体组成及影响原因。这对于理解、制定我国宏观政策,具有非常重要的作用。以往的对于固定资产投资方面的分析,大多集中在固定资产投资与经济增长的关系上面,同时认为拉动固定资产投资的资金多来自于政府主导的财政政策资金或银行提供的各类贷款。但是通过宏观方面的简要分析,我们可以看到无论是政府主导的财政方向还是银行等金融机构提供的常规金融中介贷款,都不是固定资产投资中的主要资金来源。除去这些因素之后,我们认为非金融中介融资,即DNI才是固定资产投资的主要来源。因此,针对DNI组成的影响因素分析,有助于我们深入理解我国民间资本促进我国固定资产投资增长的路径。同时,鉴于没有文献对于微观企业的DNI数据进行估算,因此,本文选取了国家统计局中国工业企业数据库31个省份的规模以上工业企业的相关工业数据,对DNI进行了微观层面的估计。之后通过固定效应的面板模型,对相应的DNI的影响因素进行了分析。本文通过对我国企业DNI的影响因素的分析,发现所有制形式、企业规模、地区开放程度、地区税收、政府支出等因素可能对DNI有一定的影响。国有企业由于历来的体制因素,在融资方面获得政府支持上可能据有优势。从企业规模上,大中型企业相对于小微企业,可能更容易从银行等金融中介获得融资。地区开放程度也是一个影响因素,较多引入外商投资的开放地区,相对使用非中介融资的程度可能较低。地区的财政方面的因素可以分两部分,对于税收较高的地区,财税政策可能会对企业的留存收益有较大影响,另一方面,政府的财政支出支持,也可能会对非中介融资产生挤出效应。通过影响因素的分析,从微观数据层面对实际经济中民营企业在运行中存在的问题给出了一些可能的原因。最后,针对这些出现的问题,以及文中可能没能进行讨论的一些其他潜在因素进行了分析,同时给出相应的政策意见建议。
[Abstract]:China's GDP has experienced rapid growth for more than 30 years, among which investment, as an indispensable driving force, has contributed to China's economic growth. Among them, fixed assets investment as an important driving force of economic growth in a period of time in China, it is worth our in-depth study of its specific composition and influence reasons. This is very important for understanding and making macro-policies in our country. In the past, most of the analysis of fixed asset investment focused on the relationship between fixed asset investment and economic growth. At the same time, it is believed that most of the funds to boost fixed assets investment come from government-led fiscal policy funds or various kinds of loans provided by banks. But through the brief analysis of macro aspect, we can see that neither the government-led financial direction nor the conventional financial intermediary loans provided by banks and other financial institutions are the main sources of capital in fixed assets investment. After these factors, we think that non-financial intermediation, that is, DNI, is the main source of fixed asset investment. Therefore, the analysis of the influencing factors on the composition of DNI is helpful for us to understand the path of private capital to promote the growth of fixed asset investment in China. At the same time, since there is no literature to estimate the DNI data of micro enterprises, this paper selects the relevant industrial data from 31 provinces of China Industrial Enterprise Database of the National Bureau of Statistics. The DNI is estimated at the micro level. Then the influence factors of DNI are analyzed through the panel model of fixed effect. Based on the analysis of the influencing factors of DNI in Chinese enterprises, it is found that the form of ownership, the scale of enterprises, the degree of regional openness, regional taxation and government expenditure may have some influence on DNI. State-owned enterprises may have an advantage in financing because of historical institutional factors. In terms of size, large and medium-sized companies may have easier access to financing from financial intermediaries such as banks than small ones. The degree of regional openness is also a factor. The degree of non-intermediary financing may be lower in the open areas where more foreign investment is introduced. The financial factors of the region can be divided into two parts. For the areas with higher taxes, the fiscal and tax policies may have a greater impact on the retained earnings of enterprises. On the other hand, the government's fiscal expenditure supports, It may also have an crowding out effect on non-intermediated financing. Through the analysis of the influencing factors, this paper gives some possible reasons for the problems existing in the operation of the private enterprises in the actual economy from the microcosmic data level. Finally, this paper analyzes these problems and some other potential factors which may not be discussed in this paper, and puts forward corresponding policy suggestions.
【学位授予单位】：清华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F124;F832.4;F279.2

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