商业信用融资能否提高实体经济的资本效率——基于经济政策不确定性的视角

Whether Trade Credit Financing Can Improve Capital Efficiency of Real Economy or Not:A Study from the Perspective of Economic Policy Uncertainty

实体经济资本效率的持续下滑是导致中国经济"脱实向虚"、实体企业金融化等金融资本错配的重要原因。在对资本概念重新界定和经济活动重新分类的基础上,分析了商业信用融资提高实体经济资本效率的机制,并将宏观经济政策不确定性纳入分析框架。以2007-2018年A股上市公司为样本的实证研究发现,商业信用融资与总资本效率、经营活动资本效率呈显著倒"U"型关系,经济政策不确定性强化了上述关系。进一步研究发现,经济政策不确定性对倒"U"型关系的强化效应,在国有企业、融资约束和行业竞争低的企业以及处于地区经济发展、金融发展和市场化进程高的企业更明显。这为非正规金融提高实体经济的资本效率提供了经验证据。

The continuous decline of capital efficiency of real economy is an important reason for the misallocation of financial capital,such as the"de-reality"of the Chinese economy and the financialization of real enterprises.On the basis of redefining the concept of capital and reclassifying economic activities,the mechanism of improving capital efficiency of real economy by trade credit financing is analyzed,and macroeconomic policy uncertainty is integrated into the analysis framework.The empirical study of A-share listed companies from 2007 to 2018 shows that there is a significant inverse"U"relationship between trade credit financing and total capital efficiency and capital efficiency of operating activities,which is strengthened by economic policy uncertainty.Further research found that economic policy uncertainty has a more obvious reinforcing effect on the inverted"U"relationship in the state-owned enterprises,financing constraints and low industry competition,as well as in the regional economic development,financial development and market-oriented process of high enterprises.This provides empirical evidence that informal finance improves the capital efficiency of real economy.