借贷约束与资源错配——来自中国的经验证据
发布时间：2019-02-24 15:25
【摘要】：该文考察了借贷约束是否以及怎样导致资源错配。此前研究发现:一国经济越不发达,其行业内部的边际产出差异就越大,从而导致整体经济的全要素生产率(TFP)显著降低。不少研究都关注了金融扭曲对产生TFP损失的作用,但没有获得一致性的结论。然而,这些研究往往仅依赖于衡量金融发展水平的宏观指标,如外部融资占国内生产总值的比重、存贷利差等,利用这些模型无法解释中国的TFP损失。该文利用中国的企业数据,发现中国的TFP损失并非因为缺乏充足的廉价信贷,而是源自微观层面上的信贷错配。因为中国的银行系统未实现利率市场化,而银行贷款的成本低于非正式渠道融资,所以更容易从银行获得贷款的企业总是获益并过度投资,从而造成资本错配,降低了整体TFP水平。该文结果表明:此前关于借贷约束与资源错配的研究很可能低估了微观金融扭曲在发展中国家的作用。
[Abstract]:This paper examines whether and how lending constraints lead to resource mismatch. Previous studies have found that the less developed a country's economy, the greater the difference in marginal output within its industry, leading to a significant decline in total factor productivity (TFP) (TFP) of the economy as a whole. Many studies have focused on the role of financial distortions in generating TFP losses, but there is no consistent conclusion. However, these studies often rely only on macro indicators to measure the level of financial development, such as the proportion of external financing to GDP, the difference between deposit and loan interest rates, and so on. These models can not explain China's TFP losses. Using Chinese enterprise data, the paper finds that the TFP loss in China is not due to a lack of sufficient cheap credit, but to a credit mismatch at the micro level. Because China's banking system has not liberalized interest rates and the cost of bank loans is lower than that of informal financing, companies that are more likely to get loans from banks always benefit and overinvest, resulting in mismatch of capital. The overall TFP level is reduced. The results suggest that previous studies on lending constraints and resource mismatches may have underestimated the role of microfinancial distortions in developing countries.
【作者单位】： 清华大学经济管理学院;
【分类号】：F224;F832.4
，
本文编号：2429676
[Abstract]:This paper examines whether and how lending constraints lead to resource mismatch. Previous studies have found that the less developed a country's economy, the greater the difference in marginal output within its industry, leading to a significant decline in total factor productivity (TFP) (TFP) of the economy as a whole. Many studies have focused on the role of financial distortions in generating TFP losses, but there is no consistent conclusion. However, these studies often rely only on macro indicators to measure the level of financial development, such as the proportion of external financing to GDP, the difference between deposit and loan interest rates, and so on. These models can not explain China's TFP losses. Using Chinese enterprise data, the paper finds that the TFP loss in China is not due to a lack of sufficient cheap credit, but to a credit mismatch at the micro level. Because China's banking system has not liberalized interest rates and the cost of bank loans is lower than that of informal financing, companies that are more likely to get loans from banks always benefit and overinvest, resulting in mismatch of capital. The overall TFP level is reduced. The results suggest that previous studies on lending constraints and resource mismatches may have underestimated the role of microfinancial distortions in developing countries.
【作者单位】： 清华大学经济管理学院;
【分类号】：F224;F832.4
，
本文编号：2429676
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