信贷资金分配市场化对内需的影响

The Influence of Marketization on Credit Funds Allocated to Domestic Demand

启动内需是促进中国经济转型的关键,运用1997-2009年的指数化面板数据实证研究发现:在以银行为主导的资本体系下,金融市场化改革滞后,造成了不同所有制企业间的信贷融资成本差异,促使受信贷融资约束的企业增加雇佣劳动、减少使用资本。在行业进入存在障碍和营商环境不理想的情况下,加剧了劳资关系不平等,即使在就业量增加的情况下,劳动收入份额也难以提高,最终侵蚀了消费的根基,抑制了内需。因此,启动内需必须加快金融市场化改革,通过平衡劳资关系以提高劳动收入份额。

Starting domestic demand is the key to promote the Chinese economic transformation. The study of panel empirical index data of 1997 to 2009 showed that under the bank dominated capital system, lag of the reform of the financial markets, resulting in difference of credit financing cost with the different ownership enterprises, prompted the credit constrained firms to hire more labor, and therefore reduce the use of capital. With entering the obstacles and the desirable ideal business environment in the industry, labor relations are intensified. Even in the employment situation, the labor income share is difficult to improve and eventually erodes consumer base. Thus, the domestic demand is suppressed. Therefore, starting domestic demand must speed up the reform of the financial markets; the labor income share ought to be improved t through the balance of labor relations.