所有制结构、金融错配与全要素生产率

Ownership Structure,Financial Misallocation and Total Factor Productivity

在市场化不完全的条件下,不同所有制企业面临融资条件和融资成本差异,从而产生金融错配现象,由于金融错配的存在,使得金融资源配置效率降低,从而抑制了全要素生产率的提升。在测度不同所有制结构间金融错配程度和分省全要素生产率的基础上,利用2005—2012年中国省际面板数据,考察由所有制歧视导致的金融错配对全要素生产率的抑制作用。结果显示:推动金融发展、消除所有制歧视是改善金融错配、促进全要素生产率提升、实现区域经济发展乃至中国经济发展从投资驱动向创新驱动转变的重要路径。

Under the condition of incomplete marketization, the enterprises of different ownership face financing conditions and different financing cost, which results in financial mismatch phenomenon, and reduces the financial resources allocation efficiency, thereby, inhibits the total factor productivity improve- ment. Base on the measurement of degree of financial mismatch between different ownership structure and on the basis of total factor productivity of different province, with Chinese provinces panel data from 2005 to 2012, the paper makes empirical analysis of the inhibitory effect of financial wrong matching led by ownership discrimination on total factor productivity. Results show that promoting financial development and eliminating ownership discrimination are important ways to improve financial mismatch, promote total factor productivity, and realize regional economic development and China＇s economic development from the perspective of transformation of investment - driven to innovation - driven important path.