摘要
金融摩擦会导致企业间的资本误配,进而降低全要素生产率。本文基于Midrigan&Xu(2014)的分析框架,结合我国1998-2007年制造业企业微观数据,对由金融摩擦引起的生产效率损失分行业进行了估算。结果显示,资本误配造成了我国制造业18%-33%左右的生产效率损失,且在2003年后,随着外部融资环境的恶化,效率损失大幅增加。进一步研究发现,金融摩擦通过扭曲企业的进入和退出机制,进而加剧资本误配,抑制行业生产效率的改进。
Financial frictions can result in capital misallocation between entrepreneurs,further driving down the total factor productivity. In this paper,we construct a theoretical model to discuss the effects of financial frictions on industry production efficiency loss. Using the producer-level data of Chinese manufacturing survey and combing the results of theoretical model,we find that Chinese manufacturing production efficiency loss would reach 18%-33%,and it would get a significant increase after2003 which means capital misallocation deteriorating further. Moreover,the estimated results show that,as external financial environment changes,producers＇ entry and exit could significantly affect industry production efficiency loss.
作者
高伟生
GAO Weisheng(Shanghai University of Finance and Economics, Shanghai, 20043)
出处
《中国经济问题》
CSSCI
北大核心
2018年第2期58-71,共14页
China Economic Studies
关键词
金融摩擦
资本误配
全要素生产率
financial frictions
capital misallocation
total factor productivity
