金融摩擦视角下生产型企业流动性与资本积累研究

Manufacturing Enterprise Liquidity and Capital Accumulation:Two Tale of Financial Frictions Perspective

"回顾2007—2008年全球金融危机,无论是企业家还是学者都充分意识到资本积累和流动性储备对于生产型企业的重要性。金融危机过去的十年之后,我国企业处在了金融去杠杆的大环境之中,如何在市场竞争中一方面维持生产经营的流动性需求,另一方面更加快速的完善资本积累进程,使得信贷资源能够有效的为实体经济服务,成为投资人和决策者同样关心的重要问题。我国金融市场尤其是信贷市场虽然在这十年间有了长足的发展,但是仍然面临信息不对称和有限担保等金融摩擦现象,导致金融市场反复出现"资金荒"与"资产荒"甚至两者并存的现象。本文采用Heckman两步法,分别构建了金融市场信息不对称和有限担保对于企业资本积累进程的经济效应,并将模型进一步拓展至两类金融摩擦并存的状况,从而得出信息不对称和有限担保两类摩擦效应对于企业资本积累的影响兼具相互增强的结论。

Reviewing the 2007-2008 global financial crisis,both entrepreneurs and academics are fully aware of the importance of capital accumulation and liquidity reserves for manufacturing enterprises.Ten years after the past financial crisis,Chinese enterprises are now in the environment of financial de-leveraging.How to maintain the liquidity of production and operation in market competition while accelerating the process of capital accumulation more quickly so that credit resource can effectively serve the real economy,has become an equally important issue for both investors and policymakers.Although China's financial markets,especially the credit market,have made great strides in the past ten years,we are still faced with the phenomenon of financial frictions such as asymmetric information and limited pledgeability,resulting in the recurrence of"shortage of funds"and"shortage of assets"or even the coexistence of both in financial markets.This paper uses Heckman's two-step method to construct the economic effects of information asymmetry and limited pledgeability of financial markets on the process of capital accumulation,and further expand the model to the coexistence of the two types of financial frictions and finally come to a conclusion that information asymmetry and limited guarantee have the effect of mutual reinforcement on the accumulation of corporate capitals.