所有制歧视下金融资源错配的两条途径

Two Ways of Ownership Discrimination Causing Financial Resource Misallocation

金融资源错配导致生产率损失严重,而中国所有制歧视所致的金融资源错配不仅存在于不同的所有制企业,还存在于国有部门内部企业。基于ACF方法所估计的企业全要素生产率,国有企业要小于非国有企业,然而国有企业获得的信贷资源却高于非国有企业,信贷资源在不同所有制企业间存在错配。并且,在国有部门内部,信贷资源依企业生产率而流动的能力也要显著小于非国有部门,信贷资源在国有部门内部企业间存在错配。同时,商业信用融资流入了生产率更低的企业,而企业的国有身份减慢了这一金融资源的反向流向能力。

Financial resource misallocation causes serious loss of productivity.In China,financial resource misallocation caused by ownership discrimination exists not only in different ownerships,but also the state-owned enterprises.The total factor productivity estimated by the ACF method of state-owned enterprises are less than the non-state-owned.However,credit resources of state-owned enterprises are higher than the non-state-owned,while credit resources mismatch between different ownerships.Moreover,in the interior of state-owned sector,the fluid ability of credit resources according to productivity is significantly less than in the non-state-owned sector,while credit resources mismatch between the state-owned enterprises.Meanwhile,the commercial credit financing flows into the enterprises with lower productivity,but state-owned enterprises slow down this trend.