金融发展与企业生产率分布——基于中国工业企业数据的实证研究

Research on the Effect of Financial Development to Enterprises Productivity Distribution——An Empirical Analysis based on China's Industrial Enterprises Data

本文将金融体系引入到Melitz&Ottaviano的理论模型中,研究均衡条件下金融体系对不同生产率企业进入退出生产的影响,推导出金融发展有利于企业生产率分布离散度降低的结论。为了验证理论分析结论,本文使用1999-2007年《中国工业企业数据库》的数据,实证检验金融发展对企业生产率分布的影响。研究发现无论是总体还是分组的不同类型产业,金融发展对企业生产率分布离散度均具有显著的降低效应;并且对不同类型产业存在影响程度的差异,具体表现为金融发展对资本密集型产业和低生产率产业的企业生产率分布离散度的降低效应高于对应的其它类型产业。

This paper introduces the financial system into the theoretical model of Melitz and Ottaviano.According to the effect of financial system on the firms’entry and exit,the paper gets the result that financial development reduced productivity dispersion.Using China’s all state-owned industrial enterprises and non-state-owned industrial enterprises above designated size from 1999 to 2007,the paper estimates the effect of financial development on productivity distribution.It concludes that financial development has a significant negative impact on the productivity dispersion both on the whole and for different types of industries,the impacts are different in different industries.Compared with other corresponding industries,capital intensive industry and low productivity industry have higher reducing effect.