金融错配、所有制结构与资本回报率:来自1999～2007年我国工业企业的研究

Financial Misallocation,Ownership and Capital Return:An Empirical Study from Manufacturing Enterprises from 1999-2007

本文从金融错配的视角出发,利用1999～2007年我国工业企业的数据,研究了企业的所有制结构与资本回报率之间的关系。我们的实证结果表明,国有企业的资本回报率要远远低于其它所有制类型的企业,私营企业的资本回报率最高。另外,本文的数值模拟结果显示,如果消除了金融错配的现象,把更多的金融资源配置给资本回报率更高的私营企业,我国的GDP增长量就可以比目前提高2%～8%。

In the view of financial misallocation, this paper investigated the relationship of ownership and capital return in the manufacturing enterprises from 1999 -2007. The empirical results show that the state-owned enterprises had the lowest capital return, the private enterprises had the highest capital return. The simulation results also show that under the condition of removing the financial misallocation, the state-dominated financial system can put more financial resources to the private enterprises from the state-owned enterprises, the level of GDP can increase by 2% -8%.