信贷市场扭曲、信贷资金匹配与全要素生产率

Credit Market Distortions,Matching of Credit Funding and Total Factor Productivity

本文基于中国信贷市场中存在不完全信息与信贷寻租的现实背景,构建了融合正规型银行、寻租型银行以及信贷市场搜寻匹配过程的DSGE模型,解析中国信贷市场扭曲对信贷匹配与全要素生产率的影响机制,并对相关政策调控的作用机理和有效性进行了仿真模拟。研究发现:(1)企业资本回报率噪音信号与信贷寻租行为扭曲了信贷市场的价格配置机制,低效国企扩大生产的同时挤出高效非国企的信贷资金,对全要素生产率造成负面影响。(2)尽管监管机制纠正了银行授信预期的误差,引导银行按照利润最大化的最优决策路径分配信贷资金,有效促进了信贷资金的合理配置,进而提升全要素生产率;但金融反腐在抑制信贷寻租行为的同时,也加剧了非国企的融资难度,进而阻碍全要素生产率提升。(3)实证结果表明通过信贷市场化建设来消除信贷市场扭曲,能够促进信贷资金从国企向非国企配置,进而实现信贷资金高效配置和提升全要素生产率水平。基于以上研究结果,本文从完善信贷市场信息披露机制、建立信贷市场公平竞争机制、建立银行授信决策误差的监管机制以及加强金融反腐力度四个方面提出了政策建议。

Based on the reality of incomplete information and credit rent-seeking from the credit market in China,this paper constructs a DSGE model that integrates formal banks,rent-seeking banks and the search and matching process of credit market.This paper analyzes the influence mechanism of credit market distortion on credit matching and total factor productivity through numerical simulation,and the mechanism and effectiveness of relevant policy regulation are simulated.The results show that:(1)Both the noise signal for return on capital of enterprises and credit rent-seeking behavior distort the mechanism for the price allocation in the credit market,resulting in the misallocation of credit funding.While the inefficient state-owned enterprises expand production,they squeeze out the credit funding of the productive non-state-owned enterprises,which has a negative impact on the total factor productivity.(2)The regulatory mechanism corrects the error of bank's expectation of credit,while guides banks to allocate credit funding according to the optimal decision path of profit maximization.The regulatory mechanism effectively promotes the rational allocation of credit funding,which improves the total factor productivity;Financial anti-corruption not only restrains the credit rent-seeking behavior,but also aggravates the financing difficulty of non-state-owned enterprises,which is difficult to promote the total factor productivity.(3)Gradually promoting the construction of credit marketization and eliminating the distortion of credit market,which could promote the allocation of credit funding from state-owned enterprises to non-state-owned enterprises.The actions realize the efficient allocation of credit funds and improve the level of total factor productivity.Based on the above research results,this paper puts forward policy recommendations from four aspects:the mechanism of improving disclosure for information in the credit market,establishing a fair competition mechanism in the credit market,establishing a regulatory mechanism for the decision-making errors of bank credit,and strengthening efforts for financial anti-corruption.