赖永剑;贺祥民;

• 1:南昌工程学院经贸学院

摘要(Abstract)：

使用连续型倍差法对中国250个地级以上城市数据进行分析,研究银行业竞争对资本误置的影响。发现银行业竞争对资本误置具有显著的削弱效应,该效应受制于行业的外部融资依赖度,并存在明显的行业异质性,且在民营企业、中小规模企业、年轻企业占比较大的行业其作用尤为突出。比较发现,股份制商业银行在降低资本误置的作用中发挥了最大的效应,国有大型商业银行的贡献最小。进一步机制检验表明,促进资本向高生产率和高资本边际收益产品的企业重置是银行业竞争降低资本误置的主要渠道,这是银行的"筛选机制"和市场的"动态演化机制"发挥作用的结果。

关键词(KeyWords)： 银行业竞争;资本误置;连续型倍差法;生产率;资本边际收益产品

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金项目“资本误置对中国工业企业技术创新绩效的影响”(71563029);; 江西省软科学项目“资本市场不完善对江西工业企业创新能力的影响研究”(20161BBA10041)

作者(Author): 赖永剑;贺祥民;

Email:

DOI: 10.16537/j.cnki.jynufe.000419

参考文献(References)：

• [1] Hsieh C T, Klenow P J. Misallocation and Manufacturing TFP in China and India[J]. Quarterly Journal of Economics, 2009, 124 (4): 1403-1448.
• [2] Brandt L, Tombe T, Zhu X. Factor Market Distortions across Time, Space and Sectors in China[J]. Review of Economic Dynamics, 2013, 16(1): 39-58.
• [3] 聂辉华,贾瑞雪.中国制造业企业生产率与资源误置[J].世界经济,2011,(7):27-42.
• [4] 罗德明,李晔,史晋川.要素市场扭曲、资源错置与生产率[J].经济研究,2012,(3):4-14.
• [5] Song Z, Storesletten K, Zilibotti F. Growing Like China[J]. American Economic Review, 2011, 101(1): 196-233.
• [6] Rajan R G, Zingales L. Financial Dependence and Growth[J].American Economic Review, 1998, 88(3): 559-586.
• [7] Jayaratne J, Strahan P E. The Finance-growth Nexus: Evidence from Bank Branch Deregulation[J].Quarterly Journal of Economics, 1996, 111(3): 639-670.
• [8] Kerr W R, Nanda R. Democratizing Entry: Banking Deregulations, Financing Constraints, and Entrepreneurship[J].Journal of Financial Economics, 2009, 94(1): 124-149.
• [9] Dick A A, Lehnert A. Personal Bankruptcy and Credit Market Competition[J]. Journal of Finance, 2010, 65(2): 655-686.
• [10] Cornaggia J, Mao Y, Tian X, etc. Does Banking Competition Affect Innovation?[J]. Journal of Financial Economics, 2015, 115(1): 189-209.
• [11] Ryan R M, Toole C M, McCann F. Does Bank Market Power Affect SME Financing Constraints?[J]. Journal of Banking & Finance, 2014, 49(12): 495-505.
• [12] 唐清泉,巫岑.银行业结构与企业创新活动的融资约束[J].金融研究,2015,(7):116-134.
• [13] 余超,杨云红.银行竞争、所有制歧视和企业生产率改善[J].经济科学,2016,(2):81-92.
• [14] Restuccia D, Rogerson R. Misallocation and Productivity[J]. Review of Economic Dynamics,2013, 16(1): 1-10.
• [15] Midrigan V, Xu D Y. Finance and Misallocation: Evidence from Plant-Level Data [J]. American Economic Review, 2014, 104(2): 422-458.
• [16] Wu G L. Capital Misallocation in China: Financial Frictions or Policy Distortions[J]. Journal of Development Economics, 2018,(130): 203-223.
• [17] Larrain M, Stumpner S. Capital Account Liberalization and Aggregate Productivity: The Role of Firm Capital Allocation[J]. Journal of Finance, 2017, 72(4): 1825-1857.
• [18] Gopinath G, Kalemli-Ozcan S, Karabarbounis L,etc. Capital Allocation and Productivity in South Europe[J]. Quarterly Journal of Economics, 2017, 132(4): 1915-1967.
• [19] Brandt L, Biesebroeck J V, Zhang Y. Creative Accounting or Creative Destruction? Firm-level Productivity Growth in Chinese Manufacturing[J]. Journal of Development Economics, 2012,97(2): 339-351.
• [20] 钱学锋,毛海涛,徐小聪.中国贸易利益评估的新框架:基于双重偏向型政策引致的资源误置视角[J].中国社会科学,2016,(12):83-106.
• [21] 刘盛宇,尹恒.资本调整成本及其对资本错配的影响:基于生产率波动的分析[J].中国工业经济,2018,(3):24-43.
• [22] Asker J, Collard-Wexler A, De Loecker J. Dynamic Inputs and Resource (Mis)Allocation[J]. Journal of Political Economy, 2014, 122(5): 1013-1063.
• [23] 盛丹,王永进.市场化、技术复杂度与中国省区的产业增长[J].世界经济,2011, (6):26-47.
• [24] 李波,赵鑫铖,李艳芳.贸易便利化、产业集聚与地区产业增长[J].财贸研究,2017, (6):1-16.
• [25] 韩剑,郑秋玲.政府干预如何导致地区资源错配——基于行业内和行业间错配的分解[J].中国工业经济,2014,(11):69-81.
• [26] 张杰,郑文平,新夫.中国的银行管制放松、结构性竞争和企业创新[J].中国工业经济,2017,(10):118-136.
• [27] Melitz J. The Impact of Trade on Intra-industry Reallocations and Aggregate Industry Productivity[J]. Econometrica, 2003, 71(6): 1695-1725.
• [28] Alfaro L, Chen M X. Selection and Market Reallocation: Productivity Gains from Multinational Production[J]. American Economic Journal: Economic Policy, 2018,10(2): 1-38.
• [29] Ackerberg D, Caves K, Frazer G. Structural Identication of Production Functions[J]. Econometrica, 2015, 83(6): 2411-2451.
• [30] 张天华,张少华.中国工业企业实际资本存量估计与分析[J].产业经济研究,2016,(2):1-10.
• (1)企业TFP,我们采用Ackerberg等[29]的方法进行估算,该方法可以较好克服生产函数设定的偏误。