文章探讨了银行业结构性改革中的银行管制放松对我国资源配置的影响。研究结果表明,银行管制放松总体上有助于纠正我国的资源误配,且这一作用在私人资本占比高的行业中更强。优化资源配置作用的核心发生机制是银行管制放松促进了企业优胜劣汰,提高了私营企业的资源配置效率,但国有企业的资源配置效率没有得到显著改善。银行管制放松也未能显著降低资源在私营企业与国有企业之间的配置无效率,因此金融所有制歧视可能没有获得有效纠正。拓展性研究表明,在外向程度高、市场化程度低以及金融竞争激烈的地区,银行管制放松纠正资源误配的作用更强。文章研究表明,中国金融改革实现资源优化配置的关键在于,进一步深化国有大型商业银行改革,并推动国有企业改革、实现国有资本的合理布局。
中国的银行管制放松促进了资源优化配置吗?
摘要
参考文献
1 蔡卫星,曾诚. 市场竞争、产权改革与商业银行贷款行为转变[J]. 金融研究,2012,(2):73−87 DOI:10.3969/j.issn.1674-2265.2012.02.017
2 戴静,张建华. 金融所有制歧视、所有制结构与创新产出——来自中国地区工业部门的证据[J]. 金融研究,2013,(5):86−98 DOI:10.3969/j.issn.1007-9041.2013.05.020
6 刘啟仁,黄建忠. 人民币汇率、依市场定价与资源配置效率[J]. 经济研究,2016,(12):18−31 DOI:10.3969/j.issn.1002-5863.2016.12.006
14 张天华,张少华. 偏向性政策、资源配置与国有企业效率[J]. 经济研究,2016,(2):126−139 DOI:10.3969/j.issn.1005-913X.2016.02.058
15 Allen F,Qian J,Qian M J. Law,finance,and economic growth in China[J]. Journal of Financial Economics,2005,77(1): 57−116. DOI:10.1016/j.jfineco.2004.06.010
16 Brandt L,Van Biesebroeck J,Zhang Y F. Creative accounting or creative destruction?Firm-level productivity growth in Chinese manufacturing[J]. Journal of Development Economics,2012,97(2): 339−351. DOI:10.1016/j.jdeveco.2011.02.002
17 Chen Z, Poncet S, Xiong R X. Local financial development and constraints on private firms’ exports: Evidence from city commercial banks in China[R]. CEPII Working Paper, 2016.
18 Dai M,Xu J W. Firm-specific exchange rate shocks and employment adjustment:Evidence from China[J]. Journal of International Economics,2017,108: 54−66. DOI:10.1016/j.jinteco.2017.05.004
19 De Loecker J,Warzynski F. Markups and firm-level export status[J]. The American Economic Review,2012,102(6): 2437−2471. DOI:10.1257/aer.102.6.2437
22 Fisman R,Svensson J. Are corruption and taxation really harmful to growth?Firm level evidence[J]. Journal of Develop- ment Economics,2007,83(1): 63−75. DOI:10.1016/j.jdeveco.2005.09.009
23 Guariglia A,Poncet S. Could financial distortions be no impediment to economic growth after all?Evidence from China[J]. Journal of Comparative Economics,2008,36(4): 633−657. DOI:10.1016/j.jce.2007.12.003
24 Harrison A E,McMillan M S. Does direct foreign investment affect domestic credit constraints?[J]. Journal of International Economics,2003,61(1): 73−100. DOI:10.1016/S0022-1996(02)00078-8
25 Huang Y S. Selling China[M]. Cambridge: Cambridge University Press, 2003.
26 Lai T K,Qian Z J,Wang L H. WTO accession,foreign bank entry,and the productivity of Chinese manufacturing firms[J]. Journal of Comparative Economics,2016,44(2): 326−342. DOI:10.1016/j.jce.2015.06.003
27 Lerner A P. The concept of monopoly and the measurement of monopoly power[J]. The Review of Economic Studies,1934,1(3): 157−175. DOI:10.2307/2967480
28 Lewbel A. Constructing instruments for regressions with measurement error when no additional data are available,with an application to patents and R&D[J]. Econometrica,1997,65(5): 1201−1213. DOI:10.2307/2171884
29 Lu Y,Yu L H. Trade liberalization and markup dispersion:Evidence from China’s WTO accession[J]. American Economic Journal:Applied Economics,2015,7(4): 221−253. DOI:10.1257/app.20140350
30 Manova K,Wei S J,Zhang Z W. Firm exports and multinational activity under credit constraints[J]. Review of Economics and Statistics,2015,97(3): 574−588. DOI:10.1162/REST_a_00480
31 Pavcnik N. Trade liberalization,exit,and productivity improvements:Evidence from Chilean plants[J]. The Review of Economic Studies,2002,69(1): 245−276. DOI:10.1111/1467-937X.00205
32 Poncet S,Steingress W,Vandenbussche H. Financial constraints in China:Firm-level evidence[J]. China Economic Review,2010,21(3): 411−422. DOI:10.1016/j.chieco.2010.03.001
33 Song Z,Storesletten K,Zilibotti F. Growing like China[J]. The American Economic Review,2011,101(1): 196−233. DOI:10.1257/aer.101.1.196
34 Wang C. Crony banking and local growth in China[R]. FIOT Discussion Paper, 2017.
引用本文
何欢浪, 铁瑛, 刘啟仁. 中国的银行管制放松促进了资源优化配置吗?[J]. 财经研究, 2019, 45(4): 83-95.
导出参考文献,格式为:
上一篇:行政垄断加剧了企业生存风险吗?