非金融企业影子银行化与资源配置效率的动态演进

Shadow Banking of Non-Financial Firms and Dynamics of Resource Allocation Efficiency

本文研究2008年金融危机后,我国出现的非金融企业影子银行化对资源配置效率的动态影响。我们在Song et al.(2011)建立的经济转型模型基础上,引入企业影子银行活动。定量分析表明,非金融企业影子银行化短期内有助改善资源配置效率,但推升了劳动力和融资成本;从长期来看,由于低效企业不会完全退出,将降低社会全要素生产率。进一步对企业违约风险传导的研究表明,影子银行的杠杆作用将放大违约风险,阻滞资源配置效率的增进。

We study the resource allocation effects of shadow banking of non-financial firms in China, based on an economic transition model developed by Song et al.(2011). Our model calibration results show that in the short term the shadow banking activities promote the allocation efficiency by accelerating the labor transfer moving from low productivity to high productivity firms. However, the activities reduce total factor productivity in the long term because they make room for the survival of low productivity firms. Furthermore, the leverage effect of shadow banking will amplify default risks and dampen the improvement of allocation efficiency.