国有企业与委托贷款：中国经济增长与商业周期

IF 1.7 4区经济学 Q2 ECONOMICS

Economic Inquiry Pub Date : 2023-08-21 DOI:10.1111/ecin.13174

Shuonan Zhang

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引用次数: 0

摘要

中国的一个关键经济结构是，国有企业是银行青睐的企业和政策工具，而生产力更高的私营企业可以通过委托贷款从国有企业借款。我们探讨了这种结构对中国宏观经济的影响。我们的研究结果表明，国有企业抑制产出波动是以生产力波动为代价的。相比之下，委托贷款的健康发展通过在企业之间重新分配信贷来抑制产出和生产率的变化。着眼于中国最近的增长放缓，我们进一步展示了委托贷款通过缓解资本错配对经济增长的有利影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

State-owned enterprises and entrusted lending: Economic growth and business cycles in China

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State-owned enterprises and entrusted lending: Economic growth and business cycles in China

A key economic structure in China is the co-existence of state-owned enterprises (SOEs) being bank-favored firms as well as policy tools, and more productive private firms who can borrow from SOEs through entrusted lending. We explore macroeconomic implications of such a structure in China. Our findings suggest SOEs dampen output volatility at the cost of productivity volatility. In contrast, the healthy development of entrusted lending dampens variations of both output and productivity by reallocating credits between firms. Focusing on the recent growth slowdown in China, we further show conducive effects of entrusted lending on economic growth by mitigating capital misallocation.

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来源期刊

Economic Inquiry ECONOMICS-

CiteScore

3.80

自引率

5.60%

发文量

期刊介绍： Published since 1962, (formerly Western Economic Journal), EI is widely regarded as one of the top scholarly journals in its field. Besides containing research on all economics topic areas, a principal objective is to make each article understandable to economists who are not necessarily specialists in the article topic area. Nine Nobel laureates are among EI long list of prestigious authors.