摘要
信贷资源倾斜能否有效改善企业盈利能力,以及企业信贷优势形成背后的逻辑机理和微观影响,不仅关系到对产业赶超和金融抑制政策的效果评价,也对当前中国工业部门的转型升级具有重要借鉴意义。本文以同质化、低库存、小半径的水泥行业为研究对象,基于中国工业企业数据库提供的大样本数据,对微观企业盈利能力的影响因素以及信贷优势的形成机制进行实证研究。研究发现:(1)以信贷资源倾斜配置为核心的政策性扶持体系实质上拖累了企业盈利能力,政府干预和金融抑制最终会破坏行业竞争机制并造成微观效率损失;(2)水泥企业的信贷优势更多由政企关系、银企关系等非市场化因素主导,而与运营效率和宏观景气等市场化因素相背离,信贷资源的非市场化配置是导致其微观影响效果扭曲的关键所在。因此,推动金融领域供给侧结构性改革、规范政企关系对改善企业盈利能力和实现制造业转型升级至关重要。
If the policy support is conducive to improving the profitability for micro-enterprises,and the logical mechanism and micro influence behind the formation of corporate credit advantage are not only related to the evaluation of the effect of industrial catch-up and financial restraint policies,but also have important reference significance for the current transformation and upgrading of China s industrial sector.The cement industry with homogenization,low inventory and small radius is selected as a research sample to better control the influence of factors such as product,inventory,geographical and interindustry competition,and based on the large sample data provided by the China Industrial Enterprise Database.The influencing factors of profitability and the formation mechanism of credit advantage have been empirically tested.The research finds that:(1)policy support system based on the credit resources distribution essentially constitutes a key factor that drags down the profitability of cement companies,and the negative impact of credit factors is the most significance.Indicating government intervention and financial repression will eventually undermine the industry s competitive mechanism,and then harm the industrial efficiency;(2)the credit advantage of cement enterprises is more dominated by non-market factors such as government-enterprise relations,bank-enterprise relations,and enterprise scale,and operations The marketization factors such as operational efficiency and macroeconomic index are deviated,and the non-marketing allocation of credit resources ultimately reduces the allocation and use efficiency of funds.This reveals that promote the reform of the credit system and standardize the relationship between government and enterprises are important to improve the efficiency of business operations and achieve transformation and upgrading of the manufacturing industry.
作者
李志伟
王韧
LI Zhi-wei;WANG Ren(Nankai Business School,School of Finance;Chongqing Technology&Business University)
出处
《当代金融研究》
2021年第4期10-22,共13页
Journal of Contemporary Financial Research
基金
重庆市教委人文社科项目“双循环背景下金融空间网络的体系优化研究”(21SKGH102)
重庆社科规划委托项目“区域协同开放与金融创新机制及路径研究”(2020WT11)。
关键词
信贷优势
政策支持
盈利能力
Credit Advantage
Policy Support
Profitability
作者简介
李志伟,博士研究生,南开大学商学院,研究方向:金融发展与企业管理;王韧,博士,教授,重庆工商大学金融学院,研究方向:金融政策评估与金融效率分析。
