中国金融资源错配的微观机制——基于工业企业商业信贷的经验研究

A Micro Mechanism for Financial Resource Misallocation in China:An Empirical Study Based on Industrial Firms'Trade Credit

本文旨在提供一个解释中国金融资源错配的微观机制。根据中国规模以上工业企业调查数据,我们发现:第一,融资相对困难的企业(主要是民营企业)通过商业信贷向资金相对充裕的企业(主要是国有企业)提供资金,这是一种典型的金融资源错配。第二,利用投入产出表信息,我们构建了各个行业上下游的集中度和国有经济比重,发现它们会显著影响企业的商业信贷。而且,这种影响在国有企业与民营企业之间有很大差异,说明在市场不完全竞争的情况下,民营企业的谈判能力处于相对弱势地位。我们据此提出了相应的政策建议,并对政策效果进行了评估。

This paper aims to provide a micro mechanism to explain the financial resource misallocation in China. Using Chinese industrial firm （with sales revenue above 5 million yuan） survey data, we find that： （1） Those firms which are financially constrained （mainly private firms） actually provide liquidity to those firms which are not financially constrained （mainly SOEs）. This is a typical financial resource misallocation. （2） Using input-output table, we construct the concentration indices and SOE weights in the upstream and downstream industries and find that they affect trade credit significantly. Moreover, the effects turn out to be quite different across private firms and SOEs, indicating a weak negotiation position of private firms under the imperfectly competitive market. We also provide some policy suggestions and evaluate their effect quantitatively.