产能过剩、信贷资源挤占及其经济后果的研究

Excess Capacity,Crowding-out Effect of Credit Resource and the Economic Consequences

作为困扰我国经济发展的重要问题之一,产能过剩的治理在当前供给侧结构性改革的背景下显得尤为重要。本文基于信贷配给的视角考察了产能过剩企业对信贷资源的挤占及其经济后果。论文研究发现,产能过剩企业的信贷获取显著降低了非产能过剩企业的信贷资金,即存在挤占效应。进一步的分析显示,产能过剩企业对非产能过剩企业信贷资源的挤占在政府干预越强、金融市场化程度越低地区及货币政策紧缩时期表现得更明显。最后,就经济后果而言,由于产能过剩企业的低效益,其对非产能过剩企业信贷资金的挤占,降低了非产能过剩企业的经营业绩,并对地区经济增长产生阻碍。

As one of the major concerns in China economy development, how to mitigate excess capacity becomes especially important under the background of supply-side economic reform. The paper analyzes the crowding-out effect of excess capacity and its consequence from the perspective of credit resource. We find that the credit of firms with excess capacity reduces the credit of firms without excess capacity. This effect is more significant when government intervention is severe, the financial market is underdeveloped and the monetary policy is tight. As for the economic consequences, suffering from the crowding-out effect, the performance of firms without excess capacity decreases and the local economy development slows down.