融资歧视、经济虚拟化与实体经济扭曲——基于中国的实证研究
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| Title | Financing Discrimination, Virtualization of Economy and Real Economy Distortion:An Empirical Study Based on China
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| 作者 | 罗来军 蒋承 王亚章 |
| Author | Luo Laijun, Jiang Cheng and Wang Yazhang |
| 作者单位 | 中国人民大学；北京大学 |
| Organization | Economics School, Renmin University of China; Education School, Peking University;Economics School, Peking University |
| 作者Email | laijunluo@163.com；cjiang@gse.pku.edu.cn；wyz@pku.edu.cn |
| 中文关键词 | 市场扭曲 利润迷失 融资难 经济虚拟化 |
| Key Words | Market Distortion; Profit Lost; Financing Difficulty; Virtualization of Economy |
| 内容提要 | 本文使用中国国家统计局工业企业统计数据库，着重研究了融资问题与经济虚拟化对实体经济中市场扭曲行为的作用机制与影响方式。实证研究发现，银行融资对冷性市场扭曲和热性市场扭曲均具有显著的正向作用；通过对市场扭曲引发机制的深入研究还证实，国有企业的银行融资引发冷性市场扭曲行为的程度最严重，但是其对热性市场扭曲行为则具有很强的抑制作用。本文同时发现了“利润迷失现象”的存在，该问题是我国目前经济情形下具有重大影响的经济现象。在此基础上，本文进一步讨论了我国经济虚拟化对实体经济扭曲的影响机制和效果，初步揭示了利润迷失现象发生的现实依据。虚拟经济和实体经济之间的关系是世界性金融危机爆发后引发全球探索的重要理论问题，本文为该领域提供了实证研究的证据。 |
| Abstract | This paper uses industrial enterprises’ statistics database by the National Bureau of Statistics to study financing discrimination, virtualization of economy and real economy distortion, and focuses on the mechanism and mode of financing problem and virtualization of economy influencing market distortion and profit lost in the real economy. The empirical results show that bank financing has a significant positive effect on both cold and hot market distortion, and that bank financing of state-owned enterprises has caused the most severe cold market distortion but strongly suppressed hot market distortion. We discover a problem of profit lost, which is an important economic problem in China’s current situation. This paper further analyzes and discusses the influence of virtualization of economy on the real economy distortion, and initially reveals the realistic basis for the phenomenon of profit lost. The conclusions of this paper can provide some empirical evidences for the relationship between the virtual economy and the real economy, which is a very important problem triggered by the financial crisis broke out in America. |
| 文章编号 | WP874 |
| 登载时间 | 2015-05-19 |
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