银行部门的市场化、信贷配置与工业重构
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| Title | Marketization of Banking System, Allocation of Credit and Industry Restructuring
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| 作者 | 简泽 干春晖 余典范 |
| Author | Jian Ze, Gan Chunhui and Yu Dianfan |
| 作者单位 | 同济大学经济与管理学院，上海财经大学国际工商管理学院，上海财经大学500强企业研究中心 |
| Organization | Tongji University; Shanghai University of Finance and Economics |
| 作者Email | jianze@tongji.edu.cn；ganchh@126.com；ydfshufe@126.com |
| 中文关键词 | 银行体制的变化 信贷配置 工业重构 |
| Key Words | Change of Banking System; Allocation of Credit; Industrial Restructuring |
| 内容提要 | 在一个自然实验的框架下，这篇文章考察了中国加入世界贸易组织以来银行体制的变化对中国工业重构的影响。我们发现，在微观层面上，银行体制的变化推动了工业企业投入产出规模的调整、成本节约、技术创新、生产率和资产利润率的增长。不过，银行体制的变化对盈利能力不同的企业产生了不同的影响，它主要或者更多地促进了资产利润率较高的企业的重构和效率改善，从而加剧了产业内不同企业之间绩效的分化。在这个基础上，通过促进产业层面的进入退出和跨企业的资源再配置过程，银行体制的变化促进了工业部门产业层面的重构和跨企业资源配置效率的改善。这些结果表明，进一步推动银行部门根据市场机制而不是政治关系配置信贷资本有助于进一步促进以工业部门为代表的实体经济的重构和效率改善。 |
| Abstract | Utilizing a natural experiment, this paper investigates how the reform of the banking system affected the restructuring. At the firm level, we find that market-based allocation of credit promoted the adjustment of firm's scale, the lowering of cost , innovation and the improvement of performance. At the industry level, we observe that market-oriented reform of the banking system stimulated large scale entry-exit and reallocation of resource across firms. These findings suggest that the marketization of the allocation of credit induces the restructuring of firms and industries. Thus, further deregulation of entry of banking systems as well as promoting market-based allocation of credit will push forward the restructuring of the real economy and improvement of the real economy |
| 文章编号 | WP291 |
| 登载时间 | 2012-07-03 |
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