政府干预、财政分权与信贷资源配置

Government Intervention,Fiscal Decentralization,and Credit Resource Allocation

从制度分析入手,对地方政府在信贷资源配置方面的作用进行具体分析,考察财政分权背景下地方政府干预对企业信贷融资的影响。研究发现:地方政府干预和财政分权程度对不同期限的信贷资金影响不一,地方政府干预增加了企业的短期贷款,但对企业长期贷款影响不显著;财政分权增加了地方财政的独立性,强化了政府对企业长期信贷的影响,使企业长期贷款减少,但对短期贷款影响不显著。财政分权下受政府干预影响的企业信贷因国有与非国有的产权性质而产生异质性效应。深化市场化改革和提高财政自主性,会增进信贷资源配置的效率。政府应加快推进治理体系建设,继续完善市场机制,推动国有企业混合所有制改革。

This article starts with an institutional analysis and specifically analyzes the role of local governments in the allocation of credit resources.At the same time,it examines the impact of local government intervention in the financial market under the background of fiscal decentralization.The study found that the degree of local government intervention and fiscal decentralization has different effects on credit funds with different maturity structures.Local government intervention has increased the short-term loans of enterprises,but has no significant impact on long-term loans of enterprises.Fiscal decentralization has increased the independence of local finance and the impact of government intervention on long-term loans of enterprises is stronger.Therefore,long-term loans of enterprises decrease under the impact of fiscal decentralization.But the short-term loans remain unchanged with fiscal decentralization.Enterprises affected by government intervention and fiscal decentralization have heterogeneous effects due to the nature of state-owned and non-state-owned property rights.The research results of this article show that the deepening of market-oriented reforms and the improvement of fiscal autonomy will enhance the operational efficiency of financial markets.To this end,the government should accelerate the construction of a governance system,continue to improve market mechanisms,and promote the reform of mixed ownership of state-owned enterprises.