政府介入、市场有效性与信贷资源配置——基于新结构经济学视角

Government Intervention,Market Efficiency and Allocation of Credit Resources:Based on the Perspective of New Structural Economics

在市场主导信贷资源配置的前提下更好地发挥政府作用意义重大。本文力图将政府隐性担保纳入企业债务融资理论框架,从新结构经济学视角剖析政府介入与市场有效性对信贷资源配置的影响。理论分析表明:政府与市场呈动态互补关系,当市场不够有效时,政府介入可提高信贷资源配置效率;当市场足够有效时,应由市场主导信贷资源配置。实证研究表明:政府隐性担保显著降低了企业债务融资成本,且市场有效性在这一过程中起到正向调节作用,同时政府隐性担保还能够提高信贷资源的配置效率。本研究为新结构经济学政府与市场协同作用的观点提供了理论支撑和经验证据。

It is of great significance to better play the role of the government under the premise of market-oriented allocation of credit resources.This article aims to incorporate implicit government guarantees into the theoretical framework of corporate debt financing,and analyze the impact of government intervention and market effectiveness on credit resource allocation from the perspective of new structural economics.Theoretical analysis shows that there is a dynamic complementary relationship between the government and the market.When the market is not efficient enough,government intervention can improve the efficiency of credit resource allocation;When the market is sufficiently efficient,the allocation of credit resources should be led by the market.Empirical studies have shown that implicit government guarantees significantly reduce the cost of corporate debt financing,and market efficiency plays a positive regulatory role in this process.At the same time,implicit government guarantees can also improve the efficiency of credit resource allocation.This study provides theoretical support and empirical evidence for the perspective of the synergy between government and market in the new structural economics.