摘要
本文以新古典投资模型为分析框架,首次使用1999—2007年中国全部国有及规模以上工业企业数据库,采用GMM动态面板方法估计了中国企业投资的资本成本敏感性,并检验了市场化改革是否显著提高了国有企业投资的资本成本敏感性。估计结果显示:(1)中国工业企业投资的资本成本敏感性显著为负,但相比净现金流系数,企业投资受资本成本的影响较小;(2)私营和外资企业的投资对资本成本较为敏感,而国有和集体企业的投资对资本成本不敏感;(3)市场化改革显著弱化了各类型企业的融资约束,但并没有显著提高各类型企业尤其是国有企业投资的资本成本敏感性。中国目前利率传导机制不畅的重点环节在企业投资,双轨制的利率模式和管制利率的低估扭曲了利率的价格信号作用,并创造了资金套利空间,加重了资金市场的二元结构特征,加快利率市场化步伐和继续深化国有企业改革是提高价格型货币政策工具有效性的必要途径。
Based on the neoclassical model and NBS database over the period 1999--2007,this paper uses GMM dynamic panel method to estimate the price sensitivity of business investment in China,and checks whether market-oriented reforms significantly increase the response of SOE's investment to its capital cost.The results show that:(1)The capital cost sensitivity of investment is significantly negative,but very small compared to the net cash flow coefficient.(2)Investments of private and foreign enterprises are sensitive to capital cost,while the state-owned and collective enterprises'are yet not.(3)Market-oriented reforms markedly weaken the financing constraints of all business types,but do not improve the capital cost sensitivity,especially SOE's.Accelerating the pace of interest rate liberalization and deepening the reform of SOE are necessary for improving the effectiveness of price-based monetary policy tools.
作者
徐明东
陈学彬
Xu Mingdong;Chen Xuebin(School of Economies,Fudan University)
出处
《经济研究》
CSSCI
北大核心
2012年第3期40-52,101,共14页
Economic Research Journal
基金
国家自科基金(70903013
70973028)
国家社科重点项目(09AZD019)
上海市晨光计划项目(09CG05)的阶段性成果
关键词
企业投资
资本成本敏感性
利率渠道
信贷渠道
Corporate Investment
Capital Cost Sensitivity
Interest Rate Channel
Credit Channel
