摘要
本文以我国民营制造企业为研究对象,从营商环境优化视角探索推动金融支持实体经济的有效途径。基于中国实际,构建纳入地区营商质量的中间品选择模型对内在机理进行挖掘,从民营企业面临融资歧视的现实问题入手,将地区、产业与企业数据结合展开多角度实证分析。研究发现,地区营商环境优化具有一定的金融传导机制,其显著提升了民营制造企业生产率,能够推动金融支持实体经济。进一步研究表明,该作用并非依靠民营制造企业融资规模的增长,而是源自长期债务获取能力的提升以及融资成本的降低。本文通过将民营企业融资问题和国有企业内部金融化问题加以区分,揭示了营商环境优化是提高金融配置效率、促进我国实体经济高质量发展的有效路径。
This paper tries to explore effective ways to promote finance transfer to the real economy in China’s private manufacturing industry from the perspective of regional business environment improvement.Based on Chinese reality,this paper constructs an intermediate product selection model integrating with regional business quality to analyze the effect mechanism,and conducts a multi-angle empirical research basing on the data of China’s regional,industrial and manufacture enterprises,aiming at the practical problem of financing discrimination faced by private enterprises.The study finds regional business environment improvement has a certain financial transmission mechanism,which can inhibit the allocation of financial resources transfer to the fictitious economy,alleviate financing discrimination in private manufacture enterprises,elevate the productivity of financing-dependent industries,and boost finance transfer to the real economy.A further study of the underlying mechanism shows that the effect of finance transfer to the real economy improved by business environment is not realized by increasing the scale of financing in private manufacture enterprises but strengthening long-term debt acquisition capacity and lower financing costs are the main causes.By distinguishing from SOEs’financialization,this paper reveals a valid channel to improve the function of finance serving private real economy,which has certain practical significance for promoting the continuous and high-quality development of the manufacturing industry,and at the same time provides useful enlightenment for the effective exertion of financial force and enhancing the vitality of market players in the private economy in the post-epidemic period.
作者
杨畅
曾津
沙宸冰
Yang Chang;Zeng Jin;Sha Chenbing
出处
《财经科学》
CSSCI
北大核心
2022年第2期60-73,共14页
Finance & Economics
基金
国家自然科学基金项目“地区契约环境差异与中国制造企业生产率:基于产业异质特征的微观视角研究”(71803142)
国家社会科学基金重大项目“大国经济条件下构建自主可控的现代产业体系重大问题研究”(21&ZD099)。
关键词
营商环境
企业生产率
民营制造企业
融资歧视
Business Environment
Firm Productivity
Private Manufacture Enterprises
Financing Discrimination
