摘要
首先分析了银行信贷行为趋同的成因及其对产能过剩的影响机制,接着以我国工业行业2007—2017年数据为样本进行了经验分析。结果发现:银行信贷行为存在羊群效应,该效应随时间呈现先上升后下降的趋势,且在房地产行业最为显著;银行信贷行为对产能过剩具有显著的正向作用,企业资本成本下降是其中介传导机制;在受产业政策支持的行业中,两者关系更为显著;两者关系存在显著的行业、所有制异质性。
This paper analyzed the causes of the convergence of bank credit behavior and how it affect overcapacity,then made an empirical analysis based on the data sample of industrial industry from 2007 to 2017.We conclude that,herd effect exists in bank credit behavior,rising at first and then falling,which is most significant in real estate industry.And bank credit behavior has a positive effect on overcapacity,where the decrease of enterprise capital costs plays an intermediary role.The herd behavior of bank loan has a more significant impact on the overcapacity of industries with more support of industrial policies.Moreover,there is significant heterogeneity among industries and ownership.
作者
徐浩
张美莎
李英东
XU Hao;ZHANG Mei-sha;LI Ying-dong(College of Economics and Management,Southwest University,Chongqing 400715;Economic Research Center,Southwest University,Chongqing 400715;School of Finance and Economics,Xi'an Jiaotong University,Xi'an 710061,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2019年第7期47-61,共15页
Journal of Shanxi University of Finance and Economics
基金
重庆市社科规划博士项目(2018BS64)
教育部人文社会科学研究青年基金项目(18YJC790092)
中央高校基本科研重大项目(SWU1809020)
重庆市教委科学技术研究项目(KJQN201800526)
