产业政策、正规金融融资与企业产能利用率

Industrial Policy,Formal Financial Financing and Enterprise Capacity Utilization

本文从企业产能利用率视角考察了产业政策对实体经济的影响,探讨了产业政策扶持与企业正规金融融资间的关系,分析了基于产业政策扶持的信贷支持在资源配置方面的效率性。研究结论表明:产业政策对企业正规金融融资具有重要影响。相对于未受到产业政策扶持的企业,受到产业政策扶持的企业能够获得更多的正规金融融资。然而,这种基于产业政策扶持的信贷支持会降低企业的产能利用率。进一步分析表明,基于产业政策扶持的信贷支持所进行资源配置的效率相对低下问题,在受到产业政策重点扶持的企业、国有企业、具有政治关联的企业中更为明显;而市场化程度能够起到一定的缓解作用。

This article takes A-share listed companies from 2000 to 2018 as research objects,and examines the impact of industrial policies on the real economy from the perspective of enterprise capacity utilization.The conclusion of the study shows that industrial policy has an important influence on the formal financial financing of enterprises.Compared with enterprises not supported by industrial policies,enterprises supported by industrial policies can obtain more formal financial financing.However,such credit support based on industrial policy support will reduce the enterprise’s capacity utilization rate.Further analysis shows that the conclusions above are more pronounced among enterprises supported by industrial policies,state-owned enterprises,and enterprises with political relevance and low marketization.