CAJ | 학술논문

本文的研究目的在于探索金融发展驱动经济增长的微观途径与机制,同时分析异质性企业对金融发展的差异性反应。文章以中国工业企业数据库为样本,利用非四大行占地区银行业总贷款比重构建金融发展指标。实证结果显示：金融发展虽然能够推动微观企业整体的产出增长和资本投入,并且对高外部融资依赖行业中的企业作用更明显,但却存在着企业间的非平衡性。首先并非所有企业都因为金融发展而受益,其次盈利能力和生产率水平越高的企业受益越多。总体来说,高生产率、高利润率的民营制造业企业是中国金融发展最大的获利群体。这表明我国渐进式的金融改革不仅缓解了企业融资约束的困境,还能优化资本的配置效率,导致金融要素在工业企业间进行再分配。
본문적연구목적재우탐색금융발전구동경제증장적미관도경여궤제,동시분석이질성기업대금융발전적차이성반응。문장이중국공업기업수거고위양본,이용비사대행점지구은행업총대관비중구건금융발전지표。실증결과현시：금융발전수연능구추동미관기업정체적산출증장화자본투입,병차대고외부융자의뢰행업중적기업작용경명현,단각존재착기업간적비평형성。수선병비소유기업도인위금융발전이수익,기차영리능력화생산솔수평월고적기업수익월다。총체래설,고생산솔、고리윤솔적민영제조업기업시중국금융발전최대적획리군체。저표명아국점진식적금융개혁불부완해료기업융자약속적곤경,환능우화자본적배치효솔,도치금융요소재공업기업간진행재분배。
The purpose of this paper is to explore the micro path and mechanisms of financial development on china＇ s economic growth. Meanwhile analyzes heterogeneous enterprise＇ s different reaction on financial development. We use Chinese industrial enterprises database as the sample and use non 4-SOCBs in total bank credits to build the financial development indicators. The results show that the financial development can promote the micro enterprises＇ growth and capital investment, and it＇ s impact on firms＇ production growth is higher in sectors where firms require more external finance. But there is a unequal effect on firms. Firstly not all firms benefit from financial development. Secondly the firms with higher levels of profitability and productivity benefit more. Overall, the manufacturing enterprises with high- productivity and high TFP private are the biggest beneficiaries. It indicates that China＇s gradual financial reforms do not only optimize the allocation of capital, but also lead to the redistribution of financial resources among industrial enterprises.