| 信贷资源配置与非周期性产能过剩：微观数据的实证 |
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| 引用本文：王 韧1, 马红旗2.信贷资源配置与非周期性产能过剩：微观数据的实证[J].财经理论与实践,2019,(1):25-32 |
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| 中文摘要:厘清企业产能利用率的微观决定机制是探讨产能过剩长效治理机制的前提。现有研究虽然强调了中国重工业领域产能过剩的非周期性色彩，但缺乏微观数据实证的支持，也缺乏对不同因素实际影响的量化比较。为此，基于中国工业企业数据库的微观数据，选择钢铁行业作为研究样本，综合运用成本函数法的产能利用率测算以及产能利用率变化影响因素的微观计量，验证两个理论假设：制度政策性因素对于我国产能过剩形成具有更加显著的影响；信贷资源配置是企业产能利用率变化的决定变量，主导了我国重工业领域产能过剩的实际演变。进一步实证显示：金融抑制不仅会引发微观企业投资的预算软约束，还会扭曲微观企业行为。由此认为，我国钢铁行业乃至于其他重工业领域的产能过剩问题，改革比调控更加重要，而金融资源分配体制的改革则是重中之重。 |
| 中文关键词:信贷资源 产能过剩 非周期性 |
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| Credit Resource Allocation and Noncyclical Overcapacity in China: Empirical Analysis Based on Micro Data |
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| Abstract:Clarifying the microeconomic determining mechanism of the change in capacity utilization rate of enterprises is an important prerequisite for exploring the long-term governance mechanism of overcapacity. Although the existing studies emphasize the noncyclical characteristics of excess capacity in China's heavy industry, most of them are based on macro and industry data, lacking the empirical support for micro data and quantitative comparison of the actual impact of different factors. This paper adopts a micro to macro research approach and chooses steel industry as a typical sample to conduct corresponding empirical tests, based on micro data from China Industry Business Performance Database. Through the calculation of the productivity utilization ratio based on the cost function method and the empirical comparison of various factors affecting the utilization rate of capacity, two theoretical hypotheses are verified: Noncyclical factors have a more significant impact on the formation of overcapacity in China. The allocation of credit resources is a determinant variable of the change in the capacity utilization rate of enterprises, which dominates the actual evolution of excess capacity in the heavy industry in China. Further empirical evidence from different ownership enterprises shows that financial regulation will not only cause soft budget constraint on micro-enterprise investment, but also distort the behavior of the micro enterprise. Therefore, for the issue of overcapacity in China's steel industry and even in other heavy industries, reform is more important than regulation, and the reform of the financial resource allocation system is of the highest priority. |
| keywords:Credit resource Overcapacity Noncyclical |
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