经济与管理研究
經濟與管理研究
경제여관리연구
RESEARCH ON ECONOMICS AND MANAGEMENT
2015年
7期
36-43
,共8页
企业外源融资%全要素生产率%所有制歧视
企業外源融資%全要素生產率%所有製歧視
기업외원융자%전요소생산솔%소유제기시
external financing%total factor productivity%ownership discrimination
金融资源错配导致生产率损失严重，而中国所有制歧视所致的金融资源错配不仅存在于不同的所有制企业，还存在于国有部门内部企业。基于 ACF 方法所估计的企业全要素生产率，国有企业要小于非国有企业，然而国有企业获得的信贷资源却高于非国有企业，信贷资源在不同所有制企业间存在错配。并且，在国有部门内部，信贷资源依企业生产率而流动的能力也要显著小于非国有部门，信贷资源在国有部门内部企业间存在错配。同时，商业信用融资流入了生产率更低的企业，而企业的国有身份减慢了这一金融资源的反向流向能力。
金融資源錯配導緻生產率損失嚴重，而中國所有製歧視所緻的金融資源錯配不僅存在于不同的所有製企業，還存在于國有部門內部企業。基于 ACF 方法所估計的企業全要素生產率，國有企業要小于非國有企業，然而國有企業穫得的信貸資源卻高于非國有企業，信貸資源在不同所有製企業間存在錯配。併且，在國有部門內部，信貸資源依企業生產率而流動的能力也要顯著小于非國有部門，信貸資源在國有部門內部企業間存在錯配。同時，商業信用融資流入瞭生產率更低的企業，而企業的國有身份減慢瞭這一金融資源的反嚮流嚮能力。
금융자원착배도치생산솔손실엄중，이중국소유제기시소치적금융자원착배불부존재우불동적소유제기업，환존재우국유부문내부기업。기우 ACF 방법소고계적기업전요소생산솔，국유기업요소우비국유기업，연이국유기업획득적신대자원각고우비국유기업，신대자원재불동소유제기업간존재착배。병차，재국유부문내부，신대자원의기업생산솔이류동적능력야요현저소우비국유부문，신대자원재국유부문내부기업간존재착배。동시，상업신용융자류입료생산솔경저적기업，이기업적국유신빈감만료저일금융자원적반향류향능력。
Financial resource misallocation causes serious loss of productivity.In China,financial resource misallocation caused by ownership discrimination exists not only in different ownerships,but also the state-owned enterprises.The total factor productivity estimated by the ACF method of state-owned enterprises are less than the non-state-owned.However,credit resources of state-owned enterprises are higher than the non-state-owned,while credit resources mismatch between different ownerships.Moreover,in the interior of state-owned sector,the fluid ability of credit resources according to productivity is significantly less than in the non-state-owned sector,while credit resources mismatch between the state-owned enterprises.Meanwhile,the commercial credit financing flows into the enterprises with lower productivity,but state-owned enterprises slow down this trend.
