融资约束与产出效率损失——基于中国工业企业的数据分析

The Loss of output efficiency caused by financial constraints:data from industrial enterprises in China

融资约束能够带来多大程度产出效率损失,一直是学术界探讨的重要问题。以衡量资源配置效率的经典模型——Hsieh and Klenow的模型为基础,结合龚关等提出的规模报酬改变的约束条件,对Hsieh and Klenow的模型进行了改良,将融资约束引入该模型来计算产出效率损失。借鉴Hadlock(2010)和Baker(2003)研究融资约束的SA指标和KZ指标,对其比较分析后得到更适合中国的KZ指标。在此基础上,将KZ指标引入Hsieh and Klenow模型,对不同行业内企业按照融资约束程度分组,推导出各行业内部因融资约束导致的全要素生产率差值ρ和总体产出效率损失值。主要有以下结论:(1)发现在规模报酬可变的情况下,我国资源配置效率从2005年出现恶化,配置效率损失呈现"U"型的变化趋势;(2)得出了融资约束产生的各行业内部效率损失情况;(3)计算得出2004—2007年间融资约束给我国工业企业带来了32%~38%的总产出效率损失。

It is always an important academic topic that the financing constraints can bring about how much loss of output efficiency. This paper is based on the model of Hsieh and Klenow （2009） which is a classical model in measuring allocation efficiency. In this paper, Gong Guan （2013）＇s restrained conditions of returns-changing to scale is introduced into the HK model. We also fix out the loss of capital misallocation to our model. Compared to different index of financial constraint of SA index （Hadlock, 2010） and KZ index （Baker, 2003）, we find KZ index is more suitable for China. Based on that, we orig- inally introduce KZ index into the HK model. According to the degree of financing constraints, we divide all enterprises into three groups, and derive a new model to calculate the loss of the total factor productivity （p） caused by financial constraints for every industry and the loss of the output efficiency for all industry. In this paper, we come to the following conclusions： （ 1 ） Under the condition of return-changing to scale, the efficiency of resources allocation has been deteriorated from 2005, with a loss tendency of ＂U＂ shaped ; （2） We calculate the loss of output efficiency for every industry caused by financial constraints and we use p to represent the loss value; （3） We calculate that the total loss of output efficiency for the whole manufacture industry caused by financial constraints is 32% to 38% from 2004 to 2007, respectively.