所有制、制度环境与信贷资金配置

Ownership,Institutional Environment and Capital Allocation

国有企业相比非国有企业具有更低的效率和效益,信贷资金过多地投放给国有企业意味着资金配置低效率。那么,什么因素影响银行信贷决策?针对1996—2004年国有工业企业和"三资"工业企业负债状况的研究发现,相比"三资"工业企业,银行发放给国有工业企业的贷款更多、期限较长的贷款比重更高,这可能源于政府干预以及国有企业相比非国有企业所具有的信息成本优势和违约风险的优势。同时,我们发现随着政府干预的减少、市场化程度的提高,非国有企业的贷款份额与国有企业贷款份额之间的差异显著缩小,贷款期限结构之间的差异也随之缩小。

Based on the condition of SOE liability and foreign companies＇ liability, we found that bank provided more capital to SOE than to foreign companies, and the credit term was longer. We also found that discrimination between different ownership companies was reduced with the decrease of government intervention and improvement of marketization.