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利率管制与资本错配——基于垂直生产结构视角的定量研究
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TitleInterest Rate Control and Capital Misallocation——A Quantitative Analysis Based on Vertical Production Structure  
作者陈小亮 陈伟泽  
AuthorChen Xiaoliang and Chen Weize  
作者单位中国社会科学院经济研究所;美国波士顿大学经济系 
OrganizationInstitute of Economics, CASS; Department of Economics, Boston University 
作者Emailchenxiaoliang2200@126.com;sysu2006vc@126.com 
中文关键词利率管制 垂直生产结构 资本错配 利率市场化 国企改革 
Key WordsInterest Rate Control; Vertical Production Structure; Capital Misallocation; Interest Rate Liberalization; SOE Reform 
内容提要政府补贴、自然垄断定价权和行政进入壁垒的存在导致中国产生了以上游国企垄断、下游非国企竞争为特征的垂直生产结构,并引发了企业之间的资本错配。本文构建了一个含有利率管制和垂直生产结构的动态一般均衡模型,研究了资本错配的产生机理。结果表明:在垂直生产结构之下,国企尤其是亏损国企不仅凭垄断地位挤占了非国企对上游行业的投资空间,而且通过抬高中间品价格削弱了非国企在下游行业的投资动机,导致资本明显错配,而利率管制则进一步强化了垂直生产结构的影响。借助利率市场化改革和国企改革(核心是消除行政进入壁垒),当经济体达到新的均衡时,国企和非国企之间的资本错配问题将会显著改善,总产出将增加24.2%,居民消费将增加66.9%。本文进一步研究表明,利率市场化改革和国企改革不应该先后进行,而应该同时推进。 
Abstract The vertical production structure -- monopolistic state-owned enterprises (SOE) take control at upstream industries while non-state-owned enterprises (NSOE) compete at downstream industries -- results from the subsidies and monopolistic pricing power to SOE, and upstream entry barriers, and therefore leads to severe capital misallocation between SOE and NSOE. This paper develops a dynamic general equilibrium model in the presence of interest rate control and vertical production structure to clarify the mechanisms of capital misallocation between SOE and NSOE. On the one hand, owing to monopolistic power, SOE, especially loss-making ones, crowd out capital investment of NSOE to upstream, and depress investment of NSOE at downstream by pushing prices of intermediate goods up, causing severe capital misallocation. On the other hand, interest rate control strengthens the above impact furthermore by imposing more price distortion. After Interest Rate Liberalization and SOE Reform with breaking entry barriers down, capital misallocation will be ameliorated substantially, and aggregate output and consumption incline 24.2% and 66.9% respectively, upon being in the new equilibrium. Additionally, Interest Rate Liberalization and SOE Reform to be implemented simultaneously outperforms sequentially.  
文章编号WP1224 
登载时间2017-09-21 
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