CAJ | 학술논문

基于中小（民营）企业面临信贷融资约束、国民收入中劳动收入份额与消费率同步下降的中国经济特征事实，本文从企业的异质性及其面临的金融环境差异出发，构建了一个包含国有和中小（民营）两类企业，而后者受到借贷约束与投资扭曲的动态一般均衡模型，在校验模型现实解释能力的基础上对上述特征事实进行传导机制分析与实证研究。本文理论与实证揭示了如下现实：上世纪90年代中期以来，中国金融环境的变化导致中小（民营）企业面临的信贷约束收紧。为了应对融资困境，大量中小（民营）企业被迫通过利润留成方式进行内源融资，从而减少了对居民部门的利润分配，降低了家庭劳动收入的份额。与之相对，国有银行主导的体制内金融支持不仅抑制了金融市场的发展，而且通过政府信贷指导等方式约束了中小（民营）企业的信贷融资能力。面对家庭收入份额的减少，理性消费者选择抑制消费，从而解释了居民消费占国民收入比重持续下降这一现象。
기우중소（민영）기업면림신대융자약속、국민수입중노동수입빈액여소비솔동보하강적중국경제특정사실，본문종기업적이질성급기면림적금융배경차이출발，구건료일개포함국유화중소（민영）량류기업，이후자수도차대약속여투자뉴곡적동태일반균형모형，재교험모형현실해석능력적기출상대상술특정사실진행전도궤제분석여실증연구。본문이론여실증게시료여하현실：상세기90년대중기이래，중국금융배경적변화도치중소（민영）기업면림적신대약속수긴。위료응대융자곤경，대량중소（민영）기업피박통과리윤류성방식진행내원융자，종이감소료대거민부문적리윤분배，강저료가정노동수입적빈액。여지상대，국유은행주도적체제내금융지지불부억제료금융시장적발전，이차통과정부신대지도등방식약속료중소（민영）기업적신대융자능력。면대가정수입빈액적감소，이성소비자선택억제소비，종이해석료거민소비점국민수입비중지속하강저일현상。
Based on the macro facts that the co-movements of the tightened borrowing constraints on medium-small private firms, the declining trend of labor＇s share and consumption rate in national income, this paper sets up and calibrates a dynamic general equilibrium model consisting of state-owned firms and medium-small private firms, which face borrowing constraints and investment distortion to explore the above phenomenon. This paper sheds light on the following macro story： since the mid--1990s, the change of China＇s financial environment tightened borrowing constraints on firms. To alleviate the persistent and rising difficulty to obtain financing, the medium-small private firms have sought to self insure through retaining profits as internal savings, hence decrease the profits distribution to households and lower the labor＇s share. The dominance of state-owned bank structure of financial ownership not only has restrained the development of financial market, but also forms the financing constraints on private firms through the government guidance to bank lending. In the face of a declining household income share, rational consumers choose consumption in a manner that is consistent with a falling share of consumption in GDP, as evident in the data.