歧视性信贷、要素禀赋配置与企业经济绩效

Discriminatory Credit,Factor Endowment Allocation,and Corporate Economic Performance

利用2003—2020年上市公司A股数据,检验了歧视性信贷、要素配置效率对企业经济绩效的影响。研究结果表明:(1)歧视性信贷会降低企业经济绩效;(2)要素配置效率与企业经济绩效呈现显著的正相关关系;(3)歧视性信贷导致的资源错配会降低企业要素配置效率,使全要素生产率下降,企业经济绩效低下。进一步研究显示,歧视性信贷存在所有制差异;歧视性信贷、要素配置效率对企业经济绩效的影响亦存在空间分布差异,东、中部地区与全样本估计结果一致,而西部地区呈现出相反的结果。

This paper utilizes A-share data from listed companies on the Chinese stock market from 2003 to 2020 to examine the impact of discriminatory credit and factor allocation efficiency on corporate economic performance.The findings reveal:(1)Discriminatory credit negatively affects corporate economic performance.(2)A significant positive correlation exists between factor allocation efficiency and corporate economic performance.(3)Discriminatory credit induces misallocation of resources and further reduces the efficiency of corporate factor allocation,resulting in a decrease in total factor productivity and a decline in corporate economic performance.Further investigations indicate the presence of ownership disparities in discriminatory credit.The impact of discriminatory credit and factor allocation efficiency on corporate economic performance also exhibits spatial distribution differences,with the eastern and central regions aligning with the outcomes of the full-sample estimation,while the western region diverging from these results.