信贷投放、潮涌效应与产能利用率

Credit Allocation,Wave Effect,and Capacity Utilization

我国企业产能利用率的决定不仅与企业投资决策有关,也与银行信贷的资源配置效应有关,信贷投放决定着企业的投资意愿能否实现。本文研究了银行信贷对产能利用率的影响,首先通过构建理论模型指出:虽然信贷投放能够通过筛选功能促进企业产能利用率提高,但在面临预算软约束的情况下,银行信贷通过诱发潮涌效应降低企业产能利用率。然后,本文分别使用中国工业企业数据库和上市企业数据库数据,构建企业层面的产能利用率指标。在此基础上,本文实证检验了银行信贷、潮涌效应和企业产能利用率的关系,发现银行信贷投放通过诱发潮涌效应削弱了企业产能利用率。最后,本文提出,我国应该继续推进金融改革,从而通过金融手段改善企业产能过剩等问题。

The determination of capacity utilization rate in Chinese enterprises is not relate donly to investment decisions,but also to the resource allocation effect of bank credit.Credit allocation determines whether the investment intention of enterprises can be realized.This article studies the impact of bank credit on capacity utilization.Firstly,by constructing a theoretical model,it is pointed out that although credit allocation can promote the improvement of enterprise capacity utilization through selection function,in the face of budget soft constraints,bank credit reduces enterprise capacity utilization by inducing a wave effect.Then,this article uses data from both the China Industrial Enterprise Database and the Listed Enterprise Database to construct enterprise level capacity utilization indicators.On this basis,this article empirically tests the relationship between bank credit,wave effect,and enterprise capacity utilization,and finds that bank credit investment weakens enterprise capacity utilization by inducing wave effect.Finally,this article proposes that China should continue to promote financial reform and improve issues such as overcapacity in enterprises through financial means.