摘要
信贷资源错配及由此衍生的僵尸企业贷款问题在政策实践中备受关注。但现有研究对"僵尸企业"界定和"僵尸贷款"成因仍存在广泛争议。本研究规避了对僵尸企业的主观界定和形而上的成因分析,试图从中观层面验证国内信贷资源配置的微观模式,并综合不同影响因素的比较以剖析其存在的问题。基于中国工业企业数据库提供的规模以上钢铁企业样本,综合运用统计描述和计量分析方法,本文对各种可能影响微观企业信贷资源配置的因素进行了综合检验。实证结果显示:钢铁企业的信贷资源配置更多取决于政府影响、存量债务、抵押品价值和所有制因素,而与市场需求和盈利指标相背离,由此呈现出典型的非市场化特征。结合基于所有制类型和产业链特质的统计描述结果,共同说明钢铁行业内部信贷资源错配和僵尸企业贷款的现实存在性。要解决这一问题,就不应局限于简单的金融市场化改革,而必须理顺政企关系并重构银企关系,同时深化金融机构自身改革,推动形成科学有效的信贷决策体系。
Credit resource mismatch and zombie corporate loans have attracted much attention in policy practice. However,the existing research on the definition of "zombie enterprise" and the cause of "zombie loan" still has wide disputes.This study evades the subjective definition of zombie firms and the metaphysical analysis of their causes and tries to verify the micro-model of china’s credit resource allocation from the meso-industrial level and compare the different influencing factors to analyze its existing problems. Based on the large sample data of steel enterprises above designated size provided by the China Industrial Enterprise Database, this paper uses the statistical description and econometric analytic methods to comprehensively test the related factors which could influence micro-enterprise credit resource allocation. The empirical results show that credit resources allocation of steel enterprises depends more on government influence, historical debt, collateral value and ownership, and deviates from market demand and profit indicators,thus showing typical non-marketization characteristics. The statistical description of the ownership type and the characteristics of the industrial chain together explain the real existence of credit resource mismatch and zombie corporate loans in the steel industry.
作者
王韧
马红旗
Wang Ren;Ma Hongqi
出处
《财经科学》
CSSCI
北大核心
2019年第2期27-37,共11页
Finance & Economics
基金
教育部人文社会科学研究项目"产能过剩背景下的杠杆率悖论与货币政策选择"(17XJC790015)
国家统计局全国统计科学研究项目"中国工业部门产能过剩监测和预警系统研究"(2016LY07)
重庆市教育科学"十三五"规划重点课题"企业投融资效率对中国货币超发的影响和对策研究"(2016-GX-043)的专项资助
关键词
信贷错配
僵尸贷款
政企关联
银企关系
Credit Resource Mismatch
Zombie Loan
Government-Enterprise Relationship
Bank-Enterprise Relationship
