An Economic Analysis on the Allocation Efficiency of Financial Rsources from a Dual Ownership Perspective

全要素生产率（TFP）的提升对于推动一国经济的可持续增长至关重要，而国家总体TFP的提升大致有两条途径：一是单个企业TFP的提高；二是总体上资源配置效率的提高。本文乃基于所有制差异的视角，着重分析了资源配置优化对提高我国总体TFP的重要作用。 所有制歧视将导致非国有企业的外源融资约束问题。本文第三章的实证分析发现，外源融资约束的缓解对于提高非国有企业TFP具有明显作用，而对于国有企业则作用甚微。由此可见，从TFP的角度来讲企业融资存在着明显的所有制差异性：如果说非国有企业融资存在约束，那么国有企业则称为“资金多余”更为合适。若是金融资源能从国有企业向非国有企业转移，将不仅可以在保持国有企业T...The promotion of Total Factor Productivity (TFP) is important for stimulating economic growth. There are two ways to enhance the country's overall TFP: one is to improve firms' TFP; the other is to improve the efficiency of resources allocation. From the ownership perspective, this paper analyzes the important role of optimizing financial resources allocation in improving our country's overall TFP...学位：经济学博士院系专业：经济研究所_政治经济学学号：1602013015400

所有制歧视所致金融资源错配程度分析

在将整个经济体分为国有部门和非国有部门并在部门内部企业异质性假设的基础上,本文提出所有制歧视所致金融资源错配程度的分析模型,并使用1998—2007年中国工业企业微观数据,对制造业金融资源错配程度进行了测算。结果显示:如果扭转所有制歧视所致金融资源错配,制造业总体全要素生产率将会提高50%左右;中西部地区的金融资源错配程度大于东部地区;2005年之前金融资源错配程度呈下降趋势,2006及2007年相对恶化;部门内部企业间错配导致国有部门全要素生产率平均损失36.98%,非国有部门平均损失46.59%。在测算模型中,使用不同参数值所得错配程度不相同,因此,对于参数值的选取,需要审慎对待。教育部人文社会科学基金规划项目“当代金融主导型资本主义经济内在不稳定性问题研究”(12YJA790081)的阶段性成

家族第二代参与管理与企业业绩下降:来自中国上市公司的经验证据

以家族企业为代表的民营经济在我国经济中发挥着重要的作用,家族企业的重要特征是家族成员参与企业管理。家族管理可以有效地降低代理成本,家族成员对于家族声誉和财富的珍惜可以使其更加努力工作,因此家族管理有助于提升业绩。以我国2002—2010年家族企业为样本的实证研究发现,家族成员参与董事会和管理层对于家族企业业绩有显著的提升作用。进一步研究发现,由于第二代继承人难以继承家族创始人的特殊无形资产,因此第二代参与管理与企业业绩存在显著的负相关关系。国家社会科学基金青年项目“家族企业传承动因与经济后果研究”(12CGL032); 北京外国语大学基本科研经费基金项

所有制差异、企业动态更替与外延型资源错配

虽然国企改革过程中的\"抓大放小严进入\"提升了国有部门生产率,但在二元所有制体制下,中国经济整体的企业动态更替过程及其带来的市场选择效应、学习效应和竞争效应仍存在较大的扭曲。利用中国工业企业微观数据的实证分析表明:(1)所有制歧视降低了民营企业的市场进入率,提高了其市场退出率,进而扭曲了企业动态更替的过程;(2)全要素生产率(TFP)较高的民营企业被TFP较低的国有企业\"淘汰\"了,即在二元所有制下大量\"僵尸\"国有企业破坏了企业动态更替的市场选择效应;(3)民营新进入企业通过学习效应实现了TFP的快速增长,而国有新进入企业却存在着明显的退步效应;(4)企业更替带来的竞争效应仅对民营企业有效,而对国有企业并无显著作用。全国统计科学项目“中国结构性要素配置效率及优化途径比较研究”(2017LY94);;教育部人文社会科学重点研究基地重大项目“矫正要素配置扭曲与促进经济有效增长”(16JJD790031);;福建省社会科学规划项目“产业集聚、技术外溢与企业创新研究”(FJ2015B237

政治关联所致信贷资源错配的缓解机制分析——基于信息不对称的视角

政治关联虽然有助于企业获取更多银行贷款,但与企业生产率却呈负相关性,因而成为信贷资源错配的一个重要根源。通过将企业信息分为经济信息和政治信息,本文分析了政治关联所致信贷资源错配的缓解机制,分析结论表明:不仅金融市场化程度的提高是其重要缓解措施,而且资金供求双方信息对称程度的改善,也具有显著缓解作用;并且,金融市场化程度与信息对称程度在减弱政治关联信贷资源错配的发挥上,具有相互促进作用。教育部人文社会科学基金规划项目“当代金融主导型资本主义经济内在不稳定性问题研究”(批准号码12YJA790081)阶段性研究成果;教育部人文社会科学基金的支

Two Ways of Ownership Discrimination Causing Financial Resource Misallocation

金融资源错配导致生产率损失严重,而中国所有制歧视所致的金融资源错配不仅存在于不同的所有制企业,还存在于国有部门内部企业。基于ACf方法所估计的企业全要素生产率,国有企业要小于非国有企业,然而国有企业获得的信贷资源却高于非国有企业,信贷资源在不同所有制企业间存在错配。并且,在国有部门内部,信贷资源依企业生产率而流动的能力也要显著小于非国有部门,信贷资源在国有部门内部企业间存在错配。同时,商业信用融资流入了生产率更低的企业,而企业的国有身份减慢了这一金融资源的反向流向能力。Financial resource misallocation causes serious loss of productivity.In China,financial resource misallocation caused by ownership discrimination exists not only in different ownerships,but also the state-owned enterprises.The total factor productivity estimated by the ACF method of state-owned enterprises are less than the nonstate-owned.However,credit resources of state-owned enterprises are higher than the non-state-owned,while credit resources mismatch between different ownerships.Moreover,in the interior of state-owned sector,the fluid ability of credit resources according to productivity is significantly less than in the non-state-owned sector,while credit resources mismatch between the state-owned enterprises.Meanwhile,the commercial credit financing flows into the enterprises with lower productivity,but state-owned enterprises slow down this trend.教育部人文社会科学基金规划项目“当代金融主导型资本主义经济内在不稳定性问题研究”(12YJA790081

Financing Constraints, Financing Channels and Business TFP:A Test of China's Industrial Enterprises Based on GPSM Method

使用2005-2007年的中国工业企业数据,基于改进的lP方法,首先分行业估计了企业的全要素生产率,然后利用广义倾向评分匹配法(gPSM)分析了国有企业、非国有企业(尤其是民营企业)面临的内源及外源融资约束对企业全要素生产率的影响。结果发现,内源融资约束的下降对不同性质企业的全要素生产率都存在着明显的促进作用;同时,外源性融资约束的下降对非国有企业(民营企业)的全要素生产率也具有明显的促进作用,然而,对于大部分国有企业而言,外源融资约束的下降对其全要素生产率并没有明显的促进作用。Based on the improved LP method, this paper makes use of the data of China's industrial enterprises from 2005 to 2007 to estimate the total factor productivity(TFP) of the enterprises in different industries.Then, it applies the generalized propensity score matching method(GPSM) to analyze the effect of the financing constraints from both internal and external sources on TFP, which is faced by state-owned enterprises, non state-owned enterprises and especially private enterprises.The result shows that to reduce the financing constraints from internal sources can significantly promote TFP in the enterprises of different natures; meanwhile, to reduce the financing constraints from external sources can also significantly promote the TFP in the non state-owned enterprises and private enterprises.However, as for most state-owned enterprises, to reduce financing constraints from external sources cannot obviously promote their TFP.国家社会科学基金青年项目“家族企业传承的动因与经济后果研究”(12CGL032

Selection Mechanism of Entry Timing of Industry Pioneers

文章通过建立一个两企业博弈模型,分析了产业首创企业进入时机的选择机制。分析得出的主要结论是:(1)当后动优势占优时,企业进入时机的选择并不必然依赖于企业自身资源,产业首创者反而更可能是企业自身资源相对较弱者;(2)虽然产业发展潜力及预期利润对产业首创者的进入具有正向促进作用,但是该促进作用随后动优势的增加而减小。文章利用1998-2007年中国工业企业数据,对结论(1)进行了实证检验,并支持该结论。最后文章提出了产业产生时机的概念,并提出了相应的政策建议。Through the establishment of a two-firm game model,this paper analyzes the selection mechanism of entry timing of industry pioneers.It arrives at the conclusions as follows:firstly,when the second-mover advantage is dominant,the selection of entry timing in firms does not necessarily depend on their own resources,and industry pioneers are even more likely to be the firms with relatively less own resources;secondly,although industry development potential and expected profits play the positive role in promoting the entry of industry pioneers,the positive role weakens with the increase in the second-mover advantage.Using the data of industry enterprises in China from1998to 2007,this paper makes an empirical test of the first conclusion and provides the support for this conclusion.At last,it proposes the concept of industry generation timing and some corresponding policy recommendations.教育部人文社会科学研究一般项目(12YJA790081); 国家社科基金青年项目(12CJL028

Effect of Administrative Monopoly on Resources Misallocation Caused by Ownership Differences

本文基于异质性企业垄断竞争模型,提出所有制差异所致资源错配程度的测算模型,并利用中国工业企业数据,测算了要素价格因所有制差异而导致的资源错配程度。结果表明,尽管中国所有制差异所致资源错配程度总体上呈下降趋势,但资源错配情况依然严重,1998—2007年所有制差异带来的制造业全要素生产率(TfP)损失每年都在200%以上,其中劳动要素错配带来的TfP损失约为100%,资本要素错配带来的TfP损失约为50%。本文分析还表明,所有制差异所致资源错配问题的根本原因并不在于所有制差异本身,而在于政府行政权力与国有企业垄断结合而形成的行政垄断。行政部门通过设置市场进入壁垒、管制市场价格获得垄断势力,以及通过支配国有银行占主导的金融体系为国有企业带来较低的融资成本,从而实现国有企业高利润以及员工高福利,进而导致资本要素和劳动要素的错配。Based on the monopolistic competition model of heterogeneous enterprises,this paper puts forward the measuring model which is used to measure the degree of resources misallocation caused by the differences of ownership.Using Chinese industrial enterprises data,this paper measures the degree of resources misallocation.The results show that,although the degree of resources misallocation is on decline in the long time,it is still very serious.From 1998 to 2007,the ownership differences led to industrial total factor productivity(TFP) loss more than 200%every year.The degree of labor misallocation approached 100%,and the degree of capital misallocation was approximately 50%.This paper also shows us that the fundamental reason for resources misallocation caused by ownership differences is not just ownership differences itself,but administrative monopoly which is defined as the combination between administrative power of government and monopoly of state—owned enterprises.Through governing financial system which is predominated by state-owned banks,the administrative departments bring the state-owned enterprises lower financing cost.Meanwhile through setting market entry barriers,controlling price,and providing lower financing cost,the administrative departments bring the state-owned enterprises higher profit and employee welfare,and then lead to capital and labor misallocation.教育部人文社会科学基金一般项目“当代金融主导型资本主义经济内在不稳定性问题研究”(批准号12YJA790081

Methods, Data and the Difference of TFP Measurement

研究目标:检验不同方法之间TFP测算结果的一致性和稳健性,探讨测算方法和数据选取问题。研究方法:以中国2004~2012年总量分行业面板数据为例; ,从多个角度比较TFP测算结果,以及通过统计检验选取适用测算方法。研究发现:第一,研究的问题不同,测算方法之间一致性的检验结论不同;; 第二,在选择测算方法时,进行相关统计量检验是必要的,这有助于鉴别模型设定是否合理,缩小可选模型范围;第三,测算方法的选择,要符合数据本身的特征,; 基于宏观分行业面板数据,DEA是更为适用的TFP测算方法,而劳动力投入应选取全社会从业人员指标。研究创新:多种测算方法和统计检验的应用。研究价值; :本文尝试构建如何选择TFP测算方法的一般框架。Research Objectives: This paper is to analyze the consistency and; robustness of different TFP measurement methods and data, and explore; the questions of measurement methods and data selection. Research; Methods: Based on sub-industry panel data from 2004 to 2012 in China,; this paper selects the more suitable measurement methods through; comparing TFP consults from several aspects and statistic testing.; Research Findings: First, the conclusions of the consistency test are; dependent on the research questions. Second, in the empirical analysis,; the statistic tests are necessary, and can help us to distinguish; whether the model setting is reasonable, and narrow the range of; optional models. Third, the choice of methods should be in accordance; with the characteristics of the data itself. Based on the macroscopic; sub-industry panel data, DEA is more feasible. Research Innovations:; This paper uses a variety of TFP measurement methods and statistical; tests. Research Value: This paper attempts to build a general framework; for how to choose TFP measurement methods.教育部哲学社会科学研究重大课题攻关项目; 国家社科基金一般项目; 国家社会科学基金重大项目; 教育部人文社会科学重点研究基地重大项目;; 云南财经大学引进人才科研启动费项