资本市场扭曲与产能过剩:微观企业的证据

Distortion of Capital Market and Overcapacity:Evidence from Micro Enterprises

经济高速增长与产能严重过剩相伴随是中国经济近年来的显著特征之一。使用微观企业数据检验资本市场扭曲与企业产能过剩程度的关系,结果显示:企业债务杠杆主要获取方式的长期债务和商业信用对企业产能过剩程度具有稳健且显著的正向影响。中国资本市场扭曲的主要表现"所有制歧视"和"规模歧视"可能存在着加剧产能过剩的效应;资本市场扭曲通过商业信用的"所有制传递机制"和"规模传递机制"纠偏也具有十分显著的正向产能过剩效应。由此得出结论,资本市场扭曲及其纠偏可能是导致企业产能过剩程度严重的原因,资本市场扭曲虽然可以由商业信用渠道纠偏措施改善其要素配置效率,但这种诱发的纠偏效应具有高昂的社会成本。据此提出在合适时机逐渐改善要素市场扭曲的政策建议。

Rapid economic growth and severe overcapacity are significant features of Chinese economy in recent years. This paper uses micro-enterprise data to test relations between degrees of overcapacity and distortions in capital markets. Results show that long-term debt and commercial enterprises that are main ways of corporate debt leverage have a strong significant positive impact on degree of overcapacity. China’s capital market distortions mainly in'ownership discrimination'and 'size discrimination'may exacerbate overcapacity. 'ownership transfer mechanism'and 'scale transmission mechanism'correction capital market distortions have significant positive effect on overcapacity. Conclusion shows that capital market distortions and their correction may lead to a serious degree of overcapacity,so policy recommendations are to improve factor market distortions at the right time.