摘要
产业赶超和金融抑制政策的组合会推动形成广泛的信贷扭曲,进而影响企业投资行为、行业技术进步乃至产能格局演化。不拘泥于简单的是非判断或是宏观整体性分析,而试图围绕微观企业数据实证和中观行业层面的梳理,揭示信贷扭曲对于企业投资、技术进步和产能过剩的实际影响及其传导机制。结果表明:银行信贷扭曲严重干扰了钢铁企业的投资决策和行为,主导了低质量的产能扩张;银行信贷支持的扭曲对钢铁企业产能利用也施加了显著“逆周期”影响,助推了产能过剩形成。由此,重构银企关系、消除信贷扭曲构成了推动钢铁行业改革发展的重要抓手,放弃简单的市场化思维和传统的直接补贴或信贷支持手段,深化银行信贷决策体系改革、加速企业兼并重组和产能整合、进行更加积极的创新扶持才是推动钢铁等传统重工业领域转型升级的关键所在。
The combination of industrial catching-up and financial restraint policies will promote a wide range of credit distortions,thereby affecting investment behavior of enterprises,technological progress of the industry and even production pattern evolution.This study is not confined to simple right-wrong judgment or macro-holistic analysis,but to reveal logical transmission chain of credit distortion,enterprise investment,technological progress,and overcapacity through empirical analysis of micro-enterprise data and intermediate level.Empirical analysis shows that:(1)Bank credit distortions seriously interfere with investment decisions and behaviors of steel companies,leading to low-quality capacity expansion.(2)The distortion of bank credit support exerts a significant“counter-cyclical”effect on capacity utilization of iron and steel enterprises,and promotes excess capacity.Therefore,restructuring bank-enterprise relationships and eliminating credit distortions constitute an important starting point for promoting the reform and development of steel industry and abandoning simple market-oriented thinking and traditional direct subsidy or credit support means.Deepening reform of credit decision-making system of banks,accelerating merger and reorganization of enterprises and the integration of production capacity,and providing more active innovation support,which are the keys to promoting the transformation and upgrading of traditional heavy industries such as steel.
作者
王韧
马红旗
李志伟
WANG Ren;MA HongQi;LI ZhiWei(Chongqing Technology and Business University,Chongqing 400067;China Agricultural University,Beijing 100083)
出处
《财贸研究》
CSSCI
北大核心
2019年第5期13-24,共12页
Finance and Trade Research
基金
国家社科基金青年项目“‘资本-技能互补’视角下驱动力转换的内生路径与政策保障体系研究”(16CJY001)
教育部人文社会科学研究一般项目“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)的资助
关键词
银企共生
信贷扭曲
投资扩张
产能过剩
bank-enterprise symbiosis
credit distortion
investment expansion
overcapacity
