企业抵押贷款、固定资产投资与信用扩张——基于浙江制造业的分析

Corporation Assets Mortgage,Fixed Investment and Credit Multiplier——Analysis Based on Manufacturing Panel Data in Zhejiang Province

资产抵押是目前企业获取贷款的基本增信措施,而固定资产的抵押又是资产抵押的典型模式。在此视角下,企业的固定资产投资与企业信用扩张之间形成了内在的作用机制。本文采用浙江省1995-2010年制造业的面板数据,在抵押贷款视角下探索企业固定资产投资与信用扩张的关系。研究结果表明,全部规模以上企业与国有及国有控股企业的表现不一致,前者具有正向影响,而后者具有负向影响。在此基础上,提出了相应的政策建议。本文为理解抵押贷款对企业投资产生的影响提供了一个新的重要视角,也为理解企业固定资产投资与企业信用扩张之间关系的微观机理提供了新的经验证据。

Mortgage assets is the basic credit measure for enterprise to get loans, and the fixed assets of the mortgage is the mainstream of mortgage assets mode. In this view, there is an inner mechanism between the fixed assets investment and the credit multiplier. This paper uses panel data of manufacturing in Zhejiang from 1995 to 2010 to analyze the relation- ship between the fixed assets investment and the credit multiplier.The empirical results show that all over the scale enter- prise and the state-owned or state holding enterprise performance is not consistent, the former has the positive influence, while the latter has negative influence.On this basis, some policy are recommended. This paper provides a new important perspective to understand the mortgage influence on investment in enterprise, and to understand the relationship between fixed assets investment and credit expansion.