中国国有企业信用增级程度测度——兼论混合所有制改革的微观基础

A Measurement of China State-owned Enterprises Credit Rating Enhancement:Discussing Micro Basis of Mixed Ownership Reform

结合中国国家治理中“父爱主义”的特点,通过分析商业银行的信贷决策行为,论证了国有企业信用增级现象,探讨了国有企业信用增级的影响因素。在此基础上,以中国经济下行期的相关数据为样本,运用实证分析方法测度了国有企业的信用增级程度,构建了国有企业信用增级程度决定模型。结果表明:在现实经济活动中,商业银行的微观行为选择不仅赋予了国有企业更高的信用评价而产生信用增级,并且信用增级程度具有明显的异质性;决定国有企业信用增级程度异质性的主要因素有两个,一是国有企业所属的行政层级,二是国有企业自身的债务偿付能力。研究结论为推进国有企业混合所有制改革提供了理论基础,并且为改革过程中精准施策提供了现实依据。

Based on the characteristics of paternalism in China's national governance,this paper analyzed the behavioral choice of commercial banks in the credit rating of state-owned enterprises,demonstrated the phenomenon of credit enhancement of state-owned enterprises,and discussed the influencing factors of credit enhancement of state-owned enterprises.On the basis of the relevant data of China's economic downturn,the empirical analysis method is used to measure the credit enhancement degree of state-owned enterprises,and the decision model of credit enhancement degree of state-owned enterprises is constructed.The research results show that in the actual economic activities,the micro-behavioral choice not only gives the state-owned enterprises a higher credit rating,but also the degree of credit enhancement has obvious heterogeneity.There are two main factors determining the degree of heterogeneity of state-owned enterprises'credit enhancement,one is the administrative level to which state-owned enterprises belong,and the other is the debt solvency of state-owned enterprises.These conclusions not only provide a theoretical basis for China to promote the reform of mixed ownership of state-owned enterprises,but also provide a realistic basis for precise policy in the reform process.